Friday, October 7, 2022

Lloyd’s of London AGM goes virtual on activist threat By Reuters

© Reuters. Activists from extinction rise up chain themselves to an entrance on the Lloyd’s of London constructing, within the Metropolis of London monetary district, in London, Britain, April 12, 2022. REUTERS/Henry Nicholls

LONDON (Reuters) – Industrial insurance coverage market Lloyd’s of London is encouraging members of its 100-odd syndicates to attend its annual common assembly subsequent week on-line relatively than in particular person, as a result of threat of local weather protests.

Since Lloyd’s despatched out invites for the Might 19 AGM on April 19, “the chance of disruption has considerably elevated”, chairman Bruce Carnegie-Brown mentioned in a discover on the market’s web site dated Might 10.

“To make sure the security and safety of our members and to permit the assembly to proceed in an orderly and truthful method, it’s with remorse that I need to now strongly encourage all members attending the AGM to hitch nearly and to not try to enter the Lloyd’s constructing on that day.”

Local weather activist teams Extinction Revolt and Moms Rise Up have beforehand staged protests exterior the Lloyd’s of London tower within the Metropolis of London, significantly across the market’s underwriting of coal.

Extinction Revolt and Moms Rise Up didn’t instantly reply to a request for remark.

Lloyd’s, whose members insure giant dangers from ships to power rigs, launched its first local weather technique in 2020 and has requested syndicates to cease offering new cowl for coal companies.

However activists say the coverage doesn’t go far sufficient, because it stops brief of mandating insurers to drag out of coal.

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