PIRG’s affiliated environmentally-responsible mutual fund company re-files shareholder proposals with Chubb, The Hartford and Travelers

The Green Century Funds re-filed shareholder proposals in mid-December with Chubb, The Hartford and Travelers. The proposals ask all three major insurance companies to stop underwriting new fossil fuel projects. The three U.S. insurers failed to change their policies after similar proposals were filed last year. Green Century Capital Management is PIRG’s affiliated investment advisor to The Green Century Funds.

By providing insurance for new fossil fuel projects, these three companies are putting consumers at risk. 

As Green Century Funds President Leslie Samuelrich said:  

“It’s ironic that the companies charged with protecting us from disasters are exacerbating the devastating effects on our homes and lives from climate change-related floods, hurricanes and wildfires.” 

A newly released fact sheet published by U.S. PIRG outlines how Chubb, The Hartford and Travelers — which all are among the top 20 largest for homeowners insurance and the top 5 for commercial property and casualty insurance — are putting the financial well-being of homeowners, retirees, investors and small businesses at risk:

• Climate change-related weather events could result in property owners’ deaths, injuries, property loss, property damage or diminished property values. 
• Insurance companies could then, as they often do, hike premiums to pass on the higher costs of claims to their customers, tightening household budgets and freezing more people out of the market entirely.
• In addition, more fossil fuel projects will likely expose companies across all industry sectors to financial risks related to climate change, which may depress the value of virtually all assets and hurt investors.

U.S. PIRG is not a registered investment adviser. U.S. PIRG is not providing any investment advice to any recipient of this communication.

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About The Green Century Funds

°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are one of the first families of fossil fuel-free, environmentally responsible mutual funds. Green Century hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

 *As of December 31, 2023,  Chubb Limited comprised 0.00%, 0.55%, and 0.00%, The Travelers Companies, Inc. comprised 0.26%, 1.56%, and 0.00%, and The Hartford Financial Services Group, Inc.,  comprised 0.00%, 0.15%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Green Century Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

 You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.greencentury.com, email [email protected], or call 1-800-934-7336. Please read the Prospectus carefully before investing. 

A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.

 This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 02/2023