FOR A FEW DOLLARS MORE

The report finds that the majority of Lloyd's managing agents lack formal policies to stop underwriting new fossil fuel projects, contradicting the market's net-zero goals. While some have restricted coal, very few have restricted oil and gas, and none have restricted LNG export terminals. The analysis identifies specific deals where Lloyd's syndicates provided coverage for major US coal mines, Arctic oil and gas assets, and US LNG terminals.

• A vast majority of the market lacks commitments regarding oil and gas expansion; 46 managing agents, representing nearly 93% of the market, have not committed to stop insuring new oil and gas fields.
• No managing agents within the Lloyd's market have made a commitment to stop providing coverage for new liquefied natural gas (LNG) export terminals.
• Lloyd's is the second largest insurer for the top 25 coal mines in the US, providing coverage for 10 of them, including the North Antelope Rochelle Mine, the world's largest coal mine.
• Lloyd's managing agents continue to insure oil and gas assets in the Arctic Region; for example, Beazley Furlonge and Brit Syndicates were involved in a deal with PGNiG for assets including the Morvin Fields, Aergul field, and Ormen Lange field.
• More than 25 managing agents, including Beazley Furlonge, Hiscox Syndicates, and MS Amlin Underwriting, provided insurance for five US LNG export terminals: Cameron LNG, Freeport LNG, Gulf LNG, Sabine Pass LNG, and Tacoma LNG.
• Talbot Underwriting provided excess marine liability insurance for Freeport LNG, the third-largest LNG export terminal in the US, despite the facility being fined by the Texas Commission on Environmental Quality for violating air pollution rules.
• Lloyd's has shifted its approach to climate commitments by making them optional and non-binding for its managing agents, moving away from earlier guidance provided in its 2020 ESG report.

APA

Le Bourdonnec, A. (2024). FOR A FEW DOLLARS MORE. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2024/10/102024-For-a-few-dollars-more-report.pdf

Chicago

Le Bourdonnec, Ariel. FOR A FEW DOLLARS MORE. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/10/102024-For-a-few-dollars-more-report.pdf.

Wikipedia

{{cite report |last1=Le Bourdonnec |first1=Ariel |title=FOR A FEW DOLLARS MORE |publisher=Reclaim Finance |date=October 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2024/10/102024-For-a-few-dollars-more-report.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{lebourdonnec2024few, author = {Le Bourdonnec, Ariel}, title = {{FOR A FEW DOLLARS MORE}}, institution = {Reclaim Finance}, year = {2024}, month = oct, url = {https://reclaimfinance.org/site/wp-content/uploads/2024/10/102024-For-a-few-dollars-more-report.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }