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The Trans Alaska Pipeline System (TAPS) stands near Copperville, Alaska, U.S., on Tuesday, Feb. 14, 2017. Four decades after the Trans Alaska Pipeline System went live, transforming the North Slope into a modern-day Klondike, many Alaskans fear the best days have passed. , Bloomberg (Bloomberg) — Axis Capital Holdings Ltd. said it won’t insure oil and gas projects in the Arctic National Wildlife Refuge, becoming the first North American underwriter to make the commitment after pressure from native Alaskans and environmentalists. The move follows similar pledges from France’s Axa SA and Swiss Re AG and comes as indigenous tribes that live in Alaska and Canada push investors, oil companies and insurers to end their support for Arctic oil drilling. “We believe climate-related risks are among the most serious issues facing the world today,” Conrad Brooks, general counsel and corporate secretary of Bermuda-based Axis Capital, wrote in a letter to the Gwich’in Steering Committee, which represents tribes in Alaska and Canada. “We also recognize the importance of the Arctic National Wildlife Refuge to you and your families, as well as our planet.” Brooks said Axis won’t underwrite new insurance or offer reinsurance contracts, nor provide investment support for projects involved […]
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