Swiss Re steps away from coal insurance business

first_imgSwiss Re steps away from coal insurance business FacebookTwitterLinkedInEmailPrint分享Greentech Media:Swiss Re took a step forward this week in its commitment to manage carbon-related sustainability risks and support the transition to a low-carbon economy. As of Monday, the Zurich-based firm no longer provides insurance or reinsurance to businesses with more than 30 percent exposure to thermal coal.The thermal coal policy announced in June 2017 was based on Swiss Re’s pledge to adopt the principles of the Paris climate agreement in 2015, which seeks to keep global warming under 2 degrees Celsius. As part of that commitment, “Swiss Re supports a progressive and structured shift away from fossil fuels,” according to a company statement.The thermal coal policy applies to both new and existing thermal coal mines and power plants, and is implemented across all lines of business and Swiss Re’s global scope of operations. The policy is an integral part of Swiss Re’s Sustainability Risk Framework, which the reinsurer uses for all underwriting and investment activities.The 30 percent threshold on Swiss Re’s insurance practice is in line with the threshold on the firm’s investment practice. As of 2016, Swiss Re stopped investing in companies that generate 30 percent or more of their revenues from thermal coal mining or that use at least 30 percent thermal coal for power generation. The reinsurer also divested from existing holdings.Swiss Re isn’t the only insurance firm to restrict its participation in the coal sector in recent months. In May, Germany’s Allianz stopped insuring single coal-fired power plants and coal mines, in response to criticism from environmental groups. Dai-ichi Life Insurance recently became the first Japanese institution to stop financing coal-fired power plants overseas, and Nippon Life Insurance is considering limits on coal plant financing.More: Swiss Re stops insuring businesses with high exposure to thermal coallast_img read more

Brunel seeks head of private markets for £28bn LGPS asset pool

first_imgBPP is interested in taking more direct and efficient approaches to private markets, such as co-investment, bespoke funds and joint ventures. After the initial focus on direct funds, the head of private markets will be expected to investigate and develop the latter investment options, according to the job advert.The successful candidate will report to Mark Mansley, BPP’s chief investment officer. Brunel Pension Partnership (BPP) is looking to hire a head of private markets as the collaboration of UK local government pension schemes (LGPS) tackles the next stage and a core part of its business development.The role will cover real estate, infrastructure and private equity and debt.The appointee will have overall responsibility for investing assets that are expected to exceed £5bn (€5.48bn), representing 20%-25% of the asset pool’s approximate £28bn of assets. This is based on the 10* underlying pension funds’ existing allocations or intentions.The Bristol-based investment management company is looking to move away from a fund-of-funds approach to private markets, and the successful candidate’s initial focus will be on identifying and investing in a range of direct funds on the best terms possible. Clifton Suspension Bridge in Bristol, where BPP is basedHe said private markets were a key area for Brunel.“By raising our game in private markets we feel we can save the LGPS funds quite a bit of money and hopefully do a better job for them,” he told IPE.The partnership is keen to take a leadership role in responsible investment in private markets and take a genuine long-term approach to these markets, according to Mansley.“Obviously some of our clients are very interested in this subject,” he said.The Environment Agency Pension Fund (EAPF) is one of BPP’s founding members and is recognised as a leader in responsible investment. Mansley is the EAPF’s former CIO.He noted that substantial progress on responsible investment in private markets had been made, citing as an example the work done in real estate by GRESB, a Dutch company that tracks the environmental, social and governance performance of real assets.Infrastructure was a slightly more complex area when it comes to responsible investment, but the hope was that BPP’s future head of private markets would “get their teeth into it”, he added.BPP was formally incorporated on 18 July.*LGPS funds for Avon, Buckinghamshire, Cornwall, Devon, Dorset, the Environment Agency, Gloucestershire, Oxfordshire, Somerset, and Wiltshire.last_img read more

Syracuse defense stymies Cornell in 1st half of blowout win

first_imgEvery week, Syracuse builds a specific defensive scheme based on the upcoming opponent. Against Cornell, SU was able to lean on a familiar aggressive strategy to neutralize the Big Red attack.“We definitely did a lot of midfield traps and got them above the 50, so they weren’t really able to penetrate,” midfielder Emma Lamison said. “We worked a lot on our press this week, going down the sidelines and getting a quick counter.”Syracuse’s stingy first-half defense allowed the No. 2 Orange (11-0, 3-0 Atlantic Coast) to maintain a one-goal halftime lead in an eventual 9-1 blowout of Cornell (5-4, 1-1 Ivy) on Sunday afternoon at J.S. Coyne Stadium. The Big Red had only five shots, and its only goal came off a rebound from a penalty corner.SU’s game plan focused on trapping Cornell’s ball handlers. The Orange midfielders guided the Big Red down the sideline, limiting Cornell to two options: pass to a teammate in midfield or try to navigate to the cage from the corner.If Cornell tried to pass it inside, Syracuse midfielders were ready to intercept the ball. If Cornell dribbled to the corner, Syracuse defenders trapped the ball handler from the outside before she could get close to the cage.AdvertisementThis is placeholder text“We analyze them before the game,” Syracuse midfielder Roos Weers said “…and then we make the decision to play a specific kind of pressure.”The extensive planning is key to the Orange’s success on defense. Syracuse entered the Sunday’s game against Cornell ranked third in the country in goals against per game (0.87) and second in scoring margin (2.83).SU owes much of its success to aggressiveness and swarming around the ball. Syracuse’s forwards were combative in chasing the ball, breaking up passes and transitioning to offense on the fly.“(Our defenders have) the mindset of intercepting, wanting the ball first and being the first person to the ball before anything else,” forward Serra Degnan said.The Orange didn’t allow a shot until the final two minutes of the first half. At that point, Syracuse led, 2-0. SU’s counterattack staved off Cornell well enough in the opening 35 minutes to keep the Orange ahead before opening up the game with seven second-half goals.Despite the big win, Bradley still sees areas for defensive growth.“(Our defense) wasn’t as tight as I’d like it to be,”Bradley said. “…and that’s an area that we have to continue to grow.” Comments Published on October 4, 2015 at 7:19 pm Contact Chris: Facebook Twitter Google+last_img read more