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Sean D. Reyes
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Insurance Companies Leave Net-Zero Insurance Alliance After AG Reyes Investigates ESG Agenda

May 23, 2023

After Utah Attorney General Sean D. Reyes led an effort to request information from members of the Net-Zero Insurance Alliance (NZIA) because of their commitments to advance an activist climate agenda, another company announced its intent to leave the Alliance. 

Swiss Re, a founding member of the Net-Zero Insurance Alliance, became the latest company to pull out of the Alliance, joining earlier departures from Hannover Re, Munich Re, and Zurich. On its website, Swiss Re describes itself as “a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer.” According to reports, Swiss Re gave no justification for this action. 

The major announcement follows a May 16th letter that was spearheaded by General Reyes and Louisiana Attorney General Jeff Landry, in addition to 21 states, which requested documents and information relating to legal concerns brought about by commitments from NZIA to collaborate with other insurers in order to advance an activist climate agenda. 

NZIA, a UN-convened group working to implement the Paris Agreement’s climate change goals through the financial system. By joining this organization, all insurers have committed to using their global influence to “transition [their] insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHS) emissions by 2050.” 

General Reyes released the following statement: “We are encouraged to see another company leave an Alliance that was focused on a radical environmental agenda over the interests of its clients. We will continue to be vigilant and take legal action where necessary to protect Americans from the dangers of ESG.” 

In the May 16th letter, the attorneys general pointed to two earlier cases of insurance companies leaving the NZIA, writing, “Other insurance companies appear to be realizing just how problematic membership in these groups can be. According to recent media reports, both Zurich Insurance Group and Munich Re have withdrawn from NZIA despite being two of the eight founding members of the organization. Notably, Munich Re’s official statement announced its determination that any opportunities to collaborate without ‘exposing’ the company to ‘material antitrust risks’ were so limited that it was more advisable to work individually.”  

Read the May 16th letter that General Reyes and 22 attorneys general sent to NZIA.