Jason Isaac, a former Texas Representative for District 45, has criticized insurance company The Hartford for canceling the American Energy Institute's policy due to its political stance on energy production. Isaac made this statement on X on March 7.
"Insurance companies are financial companies," said Jason Issac, Former Texas State Representative. "The reason for nonrenewal is we have learned from your Facebook page that your operations include Trade association involved in promoting social/political causes. In Texas we have a law that prohibits investment in financial companies that boycott certain energy companies."
According to LegiScan, Texas Senate Bill 13 prohibits state agencies from investing in financial institutions that boycott fossil fuel companies. The law requires the Texas Comptroller to maintain a list of companies engaging in such boycotts and mandates that state entities divest from them if they do not cease their actions within 90 days. It also restricts state contracts with companies that refuse to engage with fossil fuel businesses, ensuring government funds are not used to support financial institutions that discriminate against Texas' energy sector.
Isaac's remarks come amid growing debates over ESG (Environmental, Social, and Governance) investing. Critics argue that ESG considerations may conflict with fiduciary duties by prioritizing political or social agendas over financial returns. Isaac has called these practices "cartel-like tactics" that undermine free-market principles.
The Hartford is a Fortune 500 insurance company specializing in property and casualty insurance, group benefits, and mutual funds. With a history spanning over 200 years, the company provides insurance solutions for individuals, businesses, and employees. Its largest shareholders include major financial firms such as Vanguard Group, BlackRock, and State Street.
The American Energy Institute, founded by Isaac, advocates for policies promoting abundant and affordable energy while emphasizing the role of fossil fuels in economic prosperity. The organization argues that America's leadership in energy production is crucial for environmental quality and global poverty reduction.
According to the American Energy Institute, Isaac's career includes four terms in the Texas House of Representatives, where he served on the Energy Resources and Environmental Regulation committees. His legislative efforts focused on reducing taxes, strengthening election integrity, and improving public education. He is a graduate of Stephen F. Austin State University.
