Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813;

Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Boston, May 15, 2023 – MIDANA CAPITAL’s° shareholder proposals filed with The Hartford Financial Services Group, Inc. and The Travelers Companies, Inc. are going to a vote at the companies’ annual general meetings on May 17^th and May 24^th, respectively. MIDANA CAPITAL filed the proposals in December requesting that the companies phase out underwriting new fossil fuel projects in line with the Paris Agreement’s aim to limit global warming to 1.5℃ over pre-industrial temperatures.

MIDANA CAPITAL’s proposals raise concerns that The Hartford and Travelers are exposed to climate risk. Both companies underwrite policies meant to protect customers’ homes and businesses from the impacts of climate-driven catastrophes while simultaneously underwriting policies for the fossil fuel industry, whose emissions amplify the effects of those catastrophes.

“Insurers seem to think developing more gas and oil will somehow ease us into a clean energy transition, but developing new wells, pipelines, and other fossil fuel infrastructure is fundamentally incompatible with protecting people and the planet,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Insurance should be about protection, not enabling systemic threats like climate change.”

Net-zero goals and insuring new renewables projects are not enough

While both The Hartford and Travelers have adopted partial underwriting exclusions on insuring thermal coal mining, coal plant construction and operation, and tar sands-related risks, neither company has agreed to limit underwriting new oil and gas projects, even in ecologically-sensitive areas like the Arctic. U.S. insurer Chubb*, the largest publicly-traded commercial property and casualty insurer in the world, announced in March that it will no longer underwrite oil and gas extraction projects in government-protected conservation areas and that it will press existing clients to cut methane leaks and emissions from flaring.

Although The Hartford set a goal to achieve net-zero emissions by 2050 across its full range of operations, the company has not announced plans to address how its underwriting strategies support its net-zero commitment. Travelers has neither set a net-zero goal nor has it addressed the incongruency of insuring fossil fuel development with protecting its customers from severe weather enhanced by a warming climate.

“Both The Hartford and Travelers are insuring new renewable energy projects, and we applaud that,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “But developing more renewables is only half the answer. Climate experts tell us that the other half is giving up extracting and burning even more oil and gas. For an industry that relies on science, I hope insurers will extract new oil and gas projects from their underwriting portfolios.”

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

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°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, environmentally responsible mutual funds. MIDANA CAPITAL 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 March 31, 2023, Chubb Limited comprised 0.00%, 0.44%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00%, and The Travelers Companies, Inc. comprised 1.12%, 0.22%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL 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.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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 MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/23

Boston, May 18, 2022 – The Office of the New York State Comptroller, which oversees the $279 billion New York State Common Retirement Fund, announced in April that it supports the landmark shareholder proposals that MIDANA CAPITAL° has filed with Chubb*, Travelers* and The Hartford* — some of the world’s largest commercial property and casualty insurance companies.

“We very much appreciate that the New York State Comptroller Thomas DiNapoli has thrown his support behind our proposals,” said MIDANA CAPITAL’s Shareholder Advocate Andrea Ranger. “When managers of large pension funds such as the Common Retirement Fund pre-declare their support, they can sway other big pension funds and asset managers to vote in favor of our proposals.”

Given that the International Energy Agency’s (IEA) Net Zero by 2050 Roadmap states that there is no room to develop new fossil fuel supplies and limit global warming, the proposals ask the insurance companies to stop underwriting new fossil fuel supplies. All three insurers asked the Securities and Exchange Commission (SEC) to block the proposals, but the SEC rejected their requests.

MIDANA CAPITAL asks insurers to align with United Nations’ climate recommendations

Insurance companies are under increasing pressure to account for their so-called “insured emissions” which are the greenhouse gases emitted by their clients. The United Nations Environment Programme Finance Initiative (UNEP FI) recently recommended that insurers begin aligning with the Intergovernmental Panel on Climate Change’s goal of limiting global warming to 1.5 degrees Celsius. The UNEP FI also stated, “the swiftest way to ensure alignment is … to transition fossil fuel-based energy to renewable energy as soon as possible and cease the construction of any new fossil fuel capacities.”

“It’s ironic that insurers are covering heavy emitters including coal, oil, and gas companies whose emissions are contributing to climate change, while simultaneously protecting homeowners and businesses from natural catastrophes that are amplified by climate change,” said Ranger. “We hope that the growing support for our proposals — from both shareholders and government agencies — sends a strong signal to companies that it’s time to change. Chubb, Travelers and The Hartford can be part of the solution — or continue to be part of the problem.”

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 About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds). The MIDANA CAPITAL Funds are a family of fossil fuel free, environmentally responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management 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 March 31, 2022, Chubb Limited comprised 0.00%, 0.45%, and 0.00%; The Travelers Companies, Inc. comprised 1.39%, 0.22%, and 0.00% and The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL 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 Funds’ investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

 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. 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.

 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 MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/22

Did you know that the very companies that are supposed to protect us, our families, homes and businesses from fires, hurricanes, floods and hailstorms, are also contributing to climate change?  What kinds of companies, you say? Look no further than your homeowners insurance company. 

Most people don’t know that their homeowners insurance company is helping the fossil fuel industry stay afloat. That’s right. Insurance companies such as Travelers,* Chubb,* The Hartford,* Liberty Mutual,* and Berkshire Hathaway* want us to entrust our homes and properties to them while, at the same time, providing insurance coverage to insurance to coal, oil and gas companies.  

It’s hardly a secret that most carbon dioxide emissions come from burning fossil fuels — roughly 90% per year can be traced back to fossil fuel combustion– and that carbon dioxide is the primary greenhouse gas driving climate change. Yet insurers continue to underwrite exploring, mining, drilling, refining, and transporting fossil fuels even though doing so threatens our homes, businesses, infrastructure and natural resources. Why would they do this? We’ve wondered the same thing, and, unfortunately, the answer may lie in their business model.

Just like your homeowners insurance policy, many other policies written by insurance companies are renewed on an annual basis. This one-year cycle allows insurers to assess their risks and stay on top of any developing trends. As risks increase in a particular geography or to a certain facility or equipment type, an insurer may decide to increase premiums or terminate policies for certain risky areas or clients.

This makes sense. If insurance companies couldn’t make adjustments to their rates or policies, premiums would increase for all of us, or worse, the companies might not be able to make a profit at all and, as a result, go out of business. 

But here’s where their business model becomes problematic. Annual renewals of property and casualty policies can put insurers into a short-term thinking mindset which leads insurance companies to accept perverse risks that may be counter to their long-term financial health. Annual policies allow insurers to walk away from fossil fuel projects before their short-term risk becomes too great, but the future emissions from expanded coal mines, tar sands operations, gas and oil well production, and utility plants will haunt us all long after coal, oil and gas operations become uninsurable. By propping the fossil fuel industry, insurance companies are locking us into a future of climate change.  

But that’s not all. When insurers collect our premiums to cover damage from a falling tree or fire, they don’t just keep that money in a giant piggy bank waiting for the next disaster to strike. They take a portion of the funds and invest it – primarily in stocks and bonds. Unbeknownst to you, some of the stocks and bonds they purchase finance coal, oil and gas projects and is a second way that they are supporting the fossil fuel industry.

The International Energy Agency released a report in May 2021, Net Zero by 2050, stating that to stabilize the climate, there must be no new fossil fuel production. Yet the companies we’ve come to recognize as trustworthy and reliable are not getting the message. For example, Berkshire Hathaway has no policies limiting its underwriting or investment in fossil fuels. The Hartford, Travelers and Chubb have agreed to stop insuring coal operations, but they’ve also carved out exceptions that you could drive a coal-fired locomotive through and have refused to adopt policies excluding new oil or gas supplies. Lax policies are causing shareholders to press these large insurers to stop underwriting fossil fuel expansion, not only for the sake of all stakeholders but for their own future profitability.

Civil society is also taking notice, and activists’ efforts to make the case to insurance companies have been valiant. In addition to protests, petitions and the occasional meeting granted by an insurer, a concerned group gathered at the U.S. Open in New York in September 2021 and inflated a giant likeness to Chubb CEO Evan Greenberg engulfed in flames. They passed out fans to the gathering tennis-watchers with a written admonition to Chubb for financing ‘dirty fossil fuels’. Remarkably, Chubb announced its intention to stop providing insurance to the famous tar sands deliverer – the Trans Mountain pipeline – shortly thereafter. 

People shouldn’t have to spend their time and money creating blow up dolls to get their point across. Similarly, investors shouldn’t have to file shareholder proposals with the world’s largest insurance companies to point out that insuring fossil fuel companies is fundamentally incompatible with protecting the rest of their customers. Insurers need to commit to credible, transparent exit strategies from the fossil fuel industry, and they need to do it now. Otherwise, their short-sighted insurance policies will result in long-term damage to the climate, our homes and ourselves.

Twelve global insurers now restrict underwriting conventional oil and gas projects and/or companies, far exceeding the scope of exclusions made by US insurance companies. European insurers, including Swiss Re, Munich Re, and Hannover Re, have been leading the way by announcing oil and gas development-related exclusions despite ongoing fossil fuel supply disruptions caused by geopolitical upheaval. We believe U.S. insurance companies need to follow suit, acknowledge that underwriting risks for the fossil fuel industry creates long lasting climate damage, and shut off the spigot to new oil and gas.

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management 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, 2021, The Travelers Companies, Inc. comprised 1.18%, 0.18%, and 0.00%, Chubb Limited comprised 0.00% 0.39%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.11%, and 0.00%, Liberty Mutual Group, Inc. comprised 0.00%, 0.00%, and 0.00%, and Berkshire Hathaway Inc. comprised 0.00%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL 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 Funds’ investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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. 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.

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 MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/2022