An environmental group is taking credit after a Bermuda-based insurance company declined to renew its policy on the TMX pipeline expansion project..Argo Group International Holdings Ltd., an underwriter based in Bermuda, said the project no longer fits the company’s “risk appetite.”.“Thanks to pressure from Indigenous land defenders, environmental organizations, and you, the disastrous Trans Mountain pipeline, just lost another insurer,” said a statement from the Leadnow environmental group..“We know our pressure is working. Trans Mountain recently asked the Canada Energy Regulator to keep the identity of its insurers a secret, citing increased costs for its operations because of ‘dwindling insurance options.’.“They couldn’t have given us a clearer signal that targeting insurance companies could put an end to Trans Mountain for good..“It’s why, alongside allies across Canada and the US, we’re launching a week of action targeting Trans Mountain’s remaining insurers, with actions happening every day this week — culminating in a delivery of thousands of signatures to insurance company’s offices demanding they immediately drop the destructive tar sands pipeline on Friday.”.“We currently insure the Trans Mountain pipeline, but do not intend to renew when the policy expires in August 2021,” Argo spokesman David Snowden told the CBC..“This type of project is not currently within Argo’s risk appetite.”.Zurich Insurance Group AG has also dropped Trans Mountain as a possible client, amid pressure from environmental and Indigenous groups..The feds bought the Trans Mountain pipeline for $4.5 billion in May, 2018, after Kinder Morgan, pulled out because of political and environmental opposition..The cost to complete the project, from Alberta to the lower mainland, now stands at $12.6 billion..Construction along the entire route should be complete in 2022..The original Trans Mountain Pipeline was built in 1953 and the expansion is essentially a twinning of this existing 1,150-kilometre route..The system will go from approximately 300,000 barrels per day to 890,000 barrels per day..Dave Naylor is the News Editor of the Western Standard.,dnaylor@westernstandardonline.com,.Twitter.com/nobby7694
An environmental group is taking credit after a Bermuda-based insurance company declined to renew its policy on the TMX pipeline expansion project..Argo Group International Holdings Ltd., an underwriter based in Bermuda, said the project no longer fits the company’s “risk appetite.”.“Thanks to pressure from Indigenous land defenders, environmental organizations, and you, the disastrous Trans Mountain pipeline, just lost another insurer,” said a statement from the Leadnow environmental group..“We know our pressure is working. Trans Mountain recently asked the Canada Energy Regulator to keep the identity of its insurers a secret, citing increased costs for its operations because of ‘dwindling insurance options.’.“They couldn’t have given us a clearer signal that targeting insurance companies could put an end to Trans Mountain for good..“It’s why, alongside allies across Canada and the US, we’re launching a week of action targeting Trans Mountain’s remaining insurers, with actions happening every day this week — culminating in a delivery of thousands of signatures to insurance company’s offices demanding they immediately drop the destructive tar sands pipeline on Friday.”.“We currently insure the Trans Mountain pipeline, but do not intend to renew when the policy expires in August 2021,” Argo spokesman David Snowden told the CBC..“This type of project is not currently within Argo’s risk appetite.”.Zurich Insurance Group AG has also dropped Trans Mountain as a possible client, amid pressure from environmental and Indigenous groups..The feds bought the Trans Mountain pipeline for $4.5 billion in May, 2018, after Kinder Morgan, pulled out because of political and environmental opposition..The cost to complete the project, from Alberta to the lower mainland, now stands at $12.6 billion..Construction along the entire route should be complete in 2022..The original Trans Mountain Pipeline was built in 1953 and the expansion is essentially a twinning of this existing 1,150-kilometre route..The system will go from approximately 300,000 barrels per day to 890,000 barrels per day..Dave Naylor is the News Editor of the Western Standard.,dnaylor@westernstandardonline.com,.Twitter.com/nobby7694
