Swiss Re (SRENH.S) left a global climate coalition under political pressure in the U.S. on Monday.
Swiss Re emailed that it was leaving the Net-Zero Insurance Alliance (NZIA) without explanation.
Munich Re (MUVGn.DE), Zurich Insurance (ZURN.S), and Hannover Re left the Glasgow Financial Alliance for Net Zero, founded by U.N. climate envoy Mark Carney, in March and April, respectively.
“Our commitment to our sustainability strategy remains unchanged,” Swiss Re said in an email.
A representative rejected the comment. Munich Re left for anti-trust reasons, while Zurich left to help consumers migrate to a low-carbon economy.
As part of a reaction against sustainability, Republican legislators in various U.S. states have accused firms in climate alliances of violating anti-trust laws by aligning their practices.
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