Talanx Group dropping support for Trans Mountain pipeline

"Talanx Group, the name behind both Hannover Re and HDI, has dropped its support for Canada’s Trans Mountain pipeline, according to emails to Canadian NGO Stand.earth, revealed by campaign group Insure Our Future (formerly Unfriend Coal).

Now, the campaign group has suggested that Munich Re could follow.

Subsidiaries of both Talanx and Munich Re were named on Trans Mountain’s certificate of insurance – they are among 11 companies offering $508 million of liability insurance for the 12-month period up to August 31, 2020. However, the emails suggest that Talanx actually pulled out of the project in 2019 – and HDI Global SE, which was listed as providing $85 million in cover jointly with other insurers, was wrongly listed. The group has been limiting its tar sands underwriting since this year."

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Photo by Quinten de Graaf on Unsplash

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