Grade: High Exposure to Destructive Companies
Berkley Insurance, part of the W. R. Berkley Corporation, positions itself as a global player in specialty insurance. Despite general statements about environmental responsibility, the company faces criticism for its continued deep involvement in the fossil fuel sector. While offering environmental liability policies, Berkley’s portfolio includes significant underwriting and investment in oil, gas, and coal projects globally. This financial backing directly enables industries that are accelerating the climate crisis.
|
HQ
|
Market Value
|
Investments Managed
|
Turnover
|
Insurance Products
|
|---|---|---|---|---|
|
USA
|
$24.8 billion
|
$27.9 billion
|
$12.9 billion
|
Business
|
Insurance
$
600
million
Fossil Fuel Gross Direct Premiums Written (GDPW) represent the size of Berkley’s business with fossil fuel clients in 2023.
Insured by Berkley
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Gaza Genocide
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Climate Crisis
Ithaca Energy, a UK-based oil and gas firm, faces scrutiny over its ties to Israel and the genocide in Palestine, as well as its role in the controversial Rosebank oil field—the UK’s largest undeveloped fossil fuel project.
A majority stake in Ithaca is owned by the infamous Delek group, a conglomerate known for its close ties to the Israeli military. In 2023, Ithaca Energy channeled approximately $355 million out of its $400 million planned dividends to Delek Group – funds that may support Israel’s military atrocities. Delek has been blacklisted by the UN for operating in illegal West Bank settlements and supplying fuel to the Israeli military under a contract renewed in 2024 despite global outcry over Gaza. As IDF vehicles refuel at Delek stations en route to further violence, Ithaca’s North Sea oil profits help sustain this deadly cycle.
Ithaca’s environmental record is equally damning. It holds stakes in Rosebank # and the Cambo oil field, both fiercely opposed by climate activists for exacerbating ecological destruction. Grassroots resistance has scored key victories. In December 2024, a court halted Rosebank’s development over inadequate emissions assessments, dealing a blow to Ithaca’s plans.