Swiss RE, one of the founders of the Net Zero Insurance Alliance (NZIA), has revealed it is set to leave group.

Founded during the G20 Climate Summit in Venice in 2021, the alliance was set up to accelerate insurers’ progress towards green finance and net zero.

However, Swiss RE has become the fourth insurer to leave the NZIA, citing changes to laws around ESG as the reasoning.

“Our commitment to our sustainability strategy remains unchanged,” Swiss RE stated on its departure.

For the firms that have left, antitrust concerns that are a barrier to decarbonisation goals has commonly been used as the reason.

Zurich, Swiss RE and Munich RE have now all left the NZIA – three of its co-founders.