Energy
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Brokers - Section
The executive replaces Jonathan Smith, who is due to retire. -
Loss activity is escalating in the class of business, leading underwriters to question rate softening.
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The broker also hired Will Fremlin-Key as global head of mining and metals, and appointed Ahmed Abdel-Gawad as head of natural resources for the CEEMEA region.
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The underwriter is one of the most respected in the market and leads a substantial amount of Gulf of Mexico business.
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Offshore energy chairman Frank Streidl said margins are tight and upstream had not hardened like other insurance lines.
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The broker said the fallout from the Russia-Ukraine conflict was increasing competition for business.
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The carrier is launching into the downstream energy market as part of an international primary lines expansion.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The downstream market has been stung by an uptick in claims following two years of healthy profits.
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Turner will report to executive partner Gavin Tidman and work closely with head of renewables Duncan Gordon.
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The loss at the OMV Schwechat refinery adds to a string of BI claims landing on the energy sub-sector in recent months.
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The market has recently been stung by several large anticipated claims, with cat season looming.
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