Lloyd’s managing agents’ fossil fuel policies are inconsistent with Lloyd’s net zero pledge.
Many Lloyd’s members have not adopted any fossil fuel restrictions and appear to simply ignore Lloyd’s ESG commitments and recommendations.
Six out of the top 20 Lloyd’s managing agents have not publicly adopted any fossil fuel policy
RiverStone Managing Agency, Chaucer Syndicates, RenaissanceRe Syndicate Management, Ascot Underwriting, Aegis Managing Agency, Atrium Underwriters.
Only half of Lloyd’s top 20 managing agents have adopted Lloyd’s current ESG recommendations on not insuring new coal, tar sand and Arctic energy projects.
They effectively ignore the ESG guidance that Lloyd’s issued and tarnish the reputation of Lloyd’s and all other Lloyd’s insurers, some of which have adopted significantly more substantive climate policies.
We encourage all Lloyd’s managing agents to adopt comprehensive fossil fuel exclusion policies in line with climate science, credible 1.5°C pathways and the best practices of their peers, including a commitment not to insure or invest in any new oil and gas projects.
The evidence suggests however that unless Lloyd’s sets and enforces climate policy standards for the market, there will always be some managing agents who continue to insure projects and companies that put the climate, our society, and the reputation of the society of Lloyd’s, at risk.
Comparison of underwriting policies of Lloyd’s of London’s top 20 managing agents
Actions required to address policy failures.
Investors beware – read the policy
Many Lloyd’s managing agents do not have even the basics of a publicly available climate policy. Across the market, policies are inconsistent, not aligned with net zero pledges and bring the reputation of Lloyd’s market and its investors into disrepute.
If Lloyd’s and its managing agents hope to increase investment they must adopt climate policies that align with climate science. If not, the policy is effectively one of pursuing future climate and financial disaster.
Managing agents, be aware – we see you.
The climate movement has increasingly recognised the role of the Lloyd’s market and more specifically, its managing agents. This awareness continues to grow and with it will come more public scrutiny to managing agents’ policies and actions.
Managing agents – managing climate policy
- If you operate only or mainly in the Lloyd’s market and are able to set your own policies, then now is the time to step up and implement policies that align with climate science and credible 1.5°C pathways. See the Lloyd’s Market or the About section of this website for detailed policy suggestions.
- If your policies at Lloyd’s are set by a parent company, then raise the matter with them. See our Staff Action page for suggestions on starting the conversation. Help bring the entire company policy in line with climate science.
- Be of no doubt that the policy and actions of your managing agency will come under increasing levels of scrutiny and that you will be held responsible for your action or inaction, whether that be by Lloyd’s, regulators, investors or civil society.