Washington DC (ContentDesk) November 3, 2005 — Action Fund Management LLC (AFM), investment adviser to the Free Enterprise Action Fund (www.FreeEnterpriseActionFund.com), asked five insurance companies that it owns to conduct independent analyses of allegations that global warming will increase weather-related losses.
Left-leaning institutional investor allies are trying to take advantage of recent natural disasters like Hurricanes Katrina, Rita and Wilma to pressure insurance companies into supporting the Kyoto Protocol and other mandatory restrictions on greenhouse gases, said AFMs Steve Milloy. The Free Enterprise Action Fund (FEAF) is a mutual fund seeking to provide investors with financial returns while persuading companies to focus on increasing shareholder value and profits rather than appeasing outside activists.
FM sent letters to the American International Group (AIG), Chubb Corporation (CB), Hartford Financial Services Group, Inc. (HIG), Progressive Corporation (PGR) and St. Paul Travelers Companies (STA). The FEAF owns less than one percent of the common stock of these companies.
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