2007-04-10 16:36:12 -

BETHESDA, Md., April 10 /PRNewswire/ -- Calvert, one of the nation's largest families of socially responsible mutual funds, announced today that it has withdrawn climate change shareholder resolutions filed with two leading insurance companies: The Hartford Financial Services Group, Inc. and Prudential Financial Inc.

The two companies agreed to improve their public reporting and disclosure regarding the potential financial risks they face from climate change and strategies for mitigating those risks.

"As a responsible corporate citizen and as a major underwriter of risk, it's appropriate for The Hartford to address the

issue of climate change rigorously and comprehensively," said Neal S. Wolin, Executive Vice President and General Counsel of The Hartford. "We appreciate Calvert's commitment to the issue, and look forward to participating in the Carbon Disclosure Project and to articulating The Hartford's views on the challenges and opportunities related to climate change."

The Hartford and Prudential Financial responded positively to shareholder resolutions filed by Calvert, the first family and broadest array of socially responsible mutual funds, as part of Calvert and Ceres' continuing work to encourage companies to address the climate change crisis.

Both insurers addressed Calvert's proposal by agreeing to respond to a climate risk disclosure questionnaire sent to companies each year by the Carbon Disclosure Project (CDP). In addition, both companies have committed to disclose their assessment of the business impacts of climate change.

"Prudential Financial recognizes the importance of addressing the business impact of climate change," said Kathleen Gibson, Vice-President and Corporate Governance Officer at Prudential. "Our company is not in the property and casualty line of insurance, nor does the company have high greenhouse gas emissions. Nevertheless, we will be including on our website a section that addresses Prudential's policies, programs and performance on the environment generally and inform shareholders that we are and will continue to analyze the risks that environmental issues such as climate change may have on our business."

A growing number of investors believe that climate change will have material impacts on most companies, including insurers. Climate change has the potential to affect virtually all segments of the insurance business, including coverage of damage to property, crops, business interruptions, life and health. The industry could also be affected through the large investment portfolios managed by insurance companies.

"Insurance is the world's largest industry with core competencies in risk management and loss prevention, so it is crucial that insurance companies disclose their exposure to climate change impact and also explore the significant business opportunities becoming available" said Ms. Baljit Wadhwa, Social Research Analyst at Calvert. "Calvert believes that early actions to identify the risks and opportunities that climate change presents can pay off. Forward-looking companies are developing climate change strategies and in turn, integrating them with overall business strategies and management processes. Calvert believes that by identifying leaders such as Prudential Financial and The Hartford early, our portfolios can benefit as well."

"Climate change will have far-reaching impacts on insurance companies, including higher claims and impacts on the stocks and bonds in their investment portfolios," said Mindy S. Lubber, President of Ceres, a leading coalition of investors and environmental groups that helped coordinate the shareholder resolutions. "That's why Calvert and other investors are pressing insurers to boost their attention to this issue. The positive response from The Hartford and Prudential Financial to growing investor concerns about climate change is very encouraging."

The Hartford and Prudential Financial's commitment to climate risk disclosure is part of a growing movement by US companies to recognize and disclose the risks and opportunities associated with climate change. Calvert and Ceres commend both The Hartford and Prudential Financial Services for taking this important step.

As of March 31, 2007, Prudential Financial Inc. (PRU) represented 0.66% of CSIF Balanced Portfolio (Equity portion), 0.66% of CSIF Balanced Portfolio (Bond portion), 0.37% of CSIF Bond Portfolio, 0.80% of Calvert Social Balanced Portfolio, 0.99% of CSIF Enhanced Equity, 0.59% of Calvert Social Index Fund, 0.94% of Large Cap Growth Fund and 0.10% of Short Duration Inc. FD.

As of March 31, 2007, The Hartford Financial Services Group, Inc. (HIG) represented 0.49% of CSIF Balanced Portfolio (Equity portion, 0.23% of Calvert Social Balanced Portfolio, 0.54% of CSIF Enhanced Equity, 0.41% of Calvert Social Index Fund, 1.68% of Large Cap Growth Fund.

Calvert

Calvert is sponsor to the nation's first family and broadest array of socially responsible investments. Overall, Calvert has $14 billion in assets under management. Calvert offers forty funds that allow individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert launched the Calvert Social Index(R), a benchmark for measuring the performance of large, U.S.-based socially responsible companies. In addition to its equity funds, Calvert has an extensive lineup of tax-free and taxable fixed income investments. For more information on Calvert, click on http://www.calvert.com/.

Ceres

Ceres is a national coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change. Ceres also directs the Investor Network on Climate Risk, a group of more than 50 institutional investors managing $3.7 trillion in assets. In association with the Carbon Disclosure Project Secretariat Ceres and Calvert prepared "Climate Risk Disclosure by the S&P 500", a publication that analyzed company responses to the CDP4. For more information on the January 2007 report, visit http://www.ceres.org/.

Source: Calvert, Bethesda, MD