This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Travelers Companies is a major P&C insurer that has been targeted by climate activists for continuing to insure fossil fuel projects and invest in fossil fuel companies. The Insure Our Future scorecard rates Travelers among the lowest-scoring global insurers on climate policy. While Travelers has adopted limited policies restricting coal and tar sands underwriting and investment, it has made no comparable commitment for oil and gas. In May 2025, climate activists gathered outside Travelers' headquarters during the annual shareholder meeting demanding the company stop insuring fossil fuel projects. As You Sow filed a shareholder resolution requesting climate scenario disclosure for its homeowners insurance business. Consumer Watchdog identified Travelers among the top 10 U.S. insurers investing in fossil fuels without considering climate change. However, Travelers is a diversified general P&C insurer — fossil fuel underwriting is not separately disclosed and may not constitute a majority of premiums. The fossil_fuel_ancillary question turns on whether enabling fossil fuel operations through insurance constitutes material complicity. Already has a separate cio_approved exclusion for environmental_damage (legacy pollution liability claims).
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.