A group of Republican state attorneys general sent a letter in May to a United Nations-backed climate coalition, the Net-Zero Insurance Alliance, warning that it could be in violation of U.S. antitrust laws.
The remarkable and swift collapse of a group whose members included the world's top insurance companies-collectively holding over $3 trillion in assets-appeared to happen overnight.
The turmoil at the Insurance Alliance followed investigations launched by state attorneys general into two other UN-backed industry coalitions, the Net Zero Asset Managers Initiative and the Net Zero Bankers Alliance.
In the May letter, 23 state attorneys general warned the Insurance Alliance that it could be in breach of federal antitrust laws and their state equivalents that prohibit "Agreements among competitors to issue uniform pricing policies, conditions of sale, production quotas, or otherwise limit the identity of their customers if those agreements will ultimately raise prices."
Members of the Net Zero Insurance Alliance had already raised concerns about the coalition's explicit target goals.
Munich Re, an insurance company that dropped out in March, left citing "Material antitrust risks." And at least 14 others firms fled the coalition after receiving the May letter, including the $1 trillion insurance behemoth Allianz, Lloyd's, Tokio Marine Holdings, and Samsung Fire & Marine Insurance.
Louisiana attorney general Jeff Landry, who organized the letter with his Utah counterpart Sean Reyes, told the Free Beacon he is "Concerned the Net Zero Insurance Alliance is stifling competition in Louisiana and driving up insurance costs for our consumers." He is "Investigating if their actions violate our antitrust and consumer protection laws," he said.
https://freebeacon.com/energy/how-republican-ags-tanked-a-3-trillion-woke-climate-alliance/
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