Energy
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Miller also appointed three other WTW brokers to its onshore energy team.
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The facility will target operators across the US, onshore and offshore.
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Nord Stream has named Lloyd’s Insurance Company and Arch among the defendants.
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The underwriter was overseeing MGA Kersey Specialty’s pivot to renewables.
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The pair hail from Miller and Aon respectively.
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It will begin underwriting from April 2024.
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The business will be led by Alex Kirkby, new head of marine and energy.
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Managing risks associated with the technology is essential.
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Plus all the latest executive moves and the top news of the week.
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The MGA previously hired Sara Valentine from Brit to launch in energy.
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The senior energy underwriter exited amid a strategic pivot at the MGA.
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Underwriters are pushing for rate rises, but competition is increasing.
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Kennedy previously worked as an energy broker at Aon and Marsh.
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The agreement will cover onshore windfarms, primarily in Sweden.
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Fragile supply chains are driving up costs.
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The carrier has also hired Henry Henderson from Liberty.
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The broker made a number of energy hires from Price Forbes and Miller last year.
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Scor partnered with Acrisure Re to build the consortium.
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The appointment comes following the appointment of Ahad Khalid as head of power.
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He will report jointly to Melanie O’Neill and Ronald Bolaños.
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The carrier is rebuilding its energy underwriting team after a number of staff departures.
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The senior upstream energy broker departed Marsh last autumn.
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Siemens Gamesa is one of the world’s leading renewable energy manufacturing companies.
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A trio of underwriters from GCube will lead the business.
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The carrier has been expanding its team since launching into the energy market last year.
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Gaughan took over the leadership of SiriusPoint’s energy underwriting operation last year.
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The carrier has made numerous energy and power appointments in recent months.
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The global segment leader for power generation moves to Tokio Marine HCC soon after his colleague Nicola Hannay.
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IGI writes a worldwide upstream energy book, with a lead underwriting capability and maximum line size of $75mn.
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The Syndicate 2050 will provide capacity for new energy projects that support the transition to net zero.
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The carrier has made several senior hires in energy and construction this year.
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Mass construction in remote locations is throwing up challenges around modelling exposures.
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The renewables insurer flagged a “staggering increase” in hail events, which was driving double-digit rate increases.
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The broker is hiring in energy following the departure of several downstream brokers for Price Forbes.
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Tokio Marine HCC restructured its marine, energy and renewables division earlier this year.
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The downstream brokers will join Price Forbes alongside former colleague Dan Nicholls, who left Miller last month.
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The line of business entry will be via its AdA SPA 2024, which will begin underwriting in 2024.
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The broker said it anticipated new entrants in the downstream class following a profitable 2023.
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Delegates at our annual London Market Conference (LMC) described the market as “transforming” and “exciting”.
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The class underwriter has spent more than two decades with Brit.
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The onshore energy broker has more than 15 years’ experience in the sector.
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Inflation, supply chain issues and technological failures are complicating the underwriting landscape.
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Plus this week’s people moves and all the top news from this week.
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The appointment follows the recent hire of Pascal Carrer as head of casualty in Switzerland, and David Corrigan as head of property.
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The carrier launched its offshore wind proposition at the beginning of the year.
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Upstream energy broker David Patten has also left Marsh.
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The carrier is looking to grow its direct underwriting capabilities, focussing on the offshore wind market.
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Carriers achieved sweeping changes in pricing, terms and coverage in a hectic renewal at 1 January 2023, in a reset that sources hope isn’t reversed.
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ESG targets and the growth trajectory of renewables is attracting capacity to the class of business.
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Inflation, supply chain bottle necks and issues with emerging technology are all challenges for the sector.
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Tomais Gaughan has been promoted to lead the energy offering at SiriusPoint International.
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Investigations have revealed more damage than first thought from the July explosion.
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Sompo International said it saw growing demand for expertise and capacity in the region.
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The carrier is hiring in its energy team following the resignation of natural resources head James Brown.
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Downstream underwriters have been pushing for rate this year following high claims activity in 2022.
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Ardonagh is consolidating the broking operations of Ed Broking, Besso and Bishopsgate under the Price Forbes brand.
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The community solar binder is led by Canopius, targeting $2mn-$20mn solar projects.
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The carrier announced the launch of the green solutions portfolio in May as it looks to become a market leader for sustainable risks.
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The Mexican state-owned oil company has been the source of several large energy claims.
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There is stiff competition in the renewables space as carriers look to establish positions in a growth market.
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Howden Tiger, which has been hiring aggressively from rivals, currently has only limited involvement in marine reinsurance.
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Price Forbes now houses Ardonagh Specialty’s energy operations, absorbing teams from Ed Broking, Besso and Bishopsgate.
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The BI loss is set to stretch into the hundreds of millions of dollars, with some anticipating a $500mn+ loss.
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Plus the latest executive moves and all the top news of the week.
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The carrier has been recruiting for the position following Steven Farr’s move to Tokio Marine HCC.
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Capacity and competition are limiting underwriters’ ability to continue pushing for double-digit rises.
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Emily Taylor joined Hiscox as a senior underwriter in 2020.
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Sean McGovern said the appointment was part of an “important strategic initiative” for the company.
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Both oil and gas and renewables insurers are at the sharp end of the insurance industry’s ESG journey.
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The executive passed away last week after suffering from motor neurone disease.
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The underwriter will work out his notice period at Chaucer, which remains active in the natural resources class.
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It emerged in March that Tim Welsh was leaving MS Amlin after almost three decades at the business.
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The news follows months of speculation in the energy market about James Grainger’s plans after his resignation from Munich Re.
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The pair will be responsible for managing underwriting activity across their respective lines.
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Ben Kinder, the recently appointed CUO of marine, energy and renewables, will lead the consolidated team.
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Larger wind turbines are driving up the cost of claims in the renewables sector.
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The executive said surging demand for coverage would address the supply-demand mismatch in the renewables space.
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The business is looking to become a lead presence in green risks in London, following Syndicate 457’s exit from oil and gas business.
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The move marks a return to growth in fac for the broker after heavy talent attrition during Aon’s attempted takeover.
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The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.
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The carrier made the statement following a news report which said it was renewing the policy.
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The offshore construction market was identified by the broker as being “inherently unprofitable”.
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Hardening has recommenced in the market, although conditions vary depending on client, according to WTW.
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The underwriter will focus exclusively on onshore and offshore energy insurance worldwide outside the US, focusing on clients transitioning to a net zero environment.
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Reserving has increased substantially, inflicting another major claim on the loss-hit class.
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Sources said they were seeing more verticalisation of placements in the energy market, particularly in the downstream segment.
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The broker focused on African, North Sea and Latin American business at Primassure and has 30 years’ experience.
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Energy underwriter Tim Welsh has held a string of increasingly senior positions at the carrier since 1994.
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Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate.
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Ex-Miller broker Andrew Vertigan will also join BMS’ energy team as it looks to strengthen its service offering.
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Underwriters are responding to onshore losses in 2022, but offshore continues to attract new capacity.
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The carrier has launched into downstream energy, marine and aviation in the past year.
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Human rights groups have issued a complaint to a US mediation body alleging that Marsh has violated OECD guidelines for corporate standards.
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The losses result from incidents throughout construction of the Sakarya gas field, including damage to a subsea pipeline from an earthquake.
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Former SSL chairman Andrew Sturdy’s MGA has hired staff from AGCS, Qatar Re and Trust Re.
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The book of business was performing poorly, and was exposed to major claims from the 2021 Huntington Beach oil spill in California.
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The broker joined McGill around a year ago as part of the renewables, power and energy division.
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Will Morgan was part of the original broking team when Inver Re launched in 2021.
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The settlement is welcome news for the loss-hit downstream market, where there were fears of a claim as high as $1.3bn.
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Prior to her promotion, Laura Casby was a senior underwriter in the UK and Lloyd’s upstream energy team.
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Rates began falling at the mid-year but loss activity has changed the mindset of underwriters.
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Last month there were several unusual drone sightings over North Sea oil fields, sparking security concerns.
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Mike Gosselin has spent 21 years at Liberty Specialty Markets, most recently as CUO for specialty lines.
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Former renewables head Hamish Roberts has moved to work as growth leader for the broker in the UK and Ireland.
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The broker warned that more insurers will restrict or drop oil and gas business in the coming years.
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The broker has worked for Marsh and JLT during his 25 years in energy insurance.
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The claim will add pressure to an already stressed downstream market facing resurgent loss activity.
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Chaucer CEO John Fowle also set out to Insurance Insider the rationale for the carrier’s new ESG scorecard comprising 158 data points.
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The hail which hit Texas in early summer 2022 alone resulted in solar losses estimated to exceed $300mn.
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The broker’s sustained hiring has driven it to hit revenues of £250mn in 2022.
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Simon Lazarus, Andrew Vertigan and Oleg Grigorovich were part of the international team in Miller’s upstream business.
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The conflict has prompted a potential mismatch between insurer and client transition speeds.
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There has recently been a string of major claims in the downstream market, making underwriters question rating trajectory.
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The carrier has merged its marine and energy units as it looks to improve service and achieve growth.
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Steven Farr has worked at Axa XL since 2007, then the Catlin business, holding a string of increasingly senior energy underwriting positions.
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Overcapacity in upstream energy means the immediate impact of the move will be limited.
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The carrier will no longer invest or insure contracts and projects directly relating to new oil and gas fields, new midstream oil infrastructure and new oil-fired power plants.
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The syndicate will now pivot “in a very robust and determined fashion” into renewables and green tech, according to CUO Dominick Hoare.
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Brokers - SectionThe executive replaces Jonathan Smith, who is due to retire.
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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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The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
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The underwriters are tasked with implementing “ambitious growth plans” across the lines of business.
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Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.
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Hiscox is understood to have led the policy, while Aon is said to be the broker.
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Under the scheme, insurance services would only be available if the price ceiling was observed by the importer.
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An abundance of capacity is leading to price reductions in the downstream sector.
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The watchdog is proposing rules that would require actuaries to consider climate risks in technical work.
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Plus people moves and all the top news of the week.
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Increased competition in the upstream space, driven by a capacity surplus, is turning conditions in the favour of clients.
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The Lloyd’s business recently launched into the energy class under the leadership of Richard Pursey.
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The latest round of sanctions against the rogue state banned the insurance of ships carrying Russian oil.
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Challenging loss activity for battery storage projects has led to a capacity contraction in the sub-sector.
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It is understood that the account includes oil platforms, crude barrels and 12 vessels, and is one of the largest accounts in the South American country.
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Competition for business is leading to a rollback in exclusions written into contracts following major loss activity.
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Clients face under-insurance for BI if their coverage is not adjusted to reflect energy price rises.
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The product will provide construction all risk and operational all risk coverage, backed by AI-powered data and analytics.
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The Peruvian government is suing Spanish oil company Repsol over the January incident which affected 700,000 residents.
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Marine and energy-focused MGA Thomas Miller Specialty has partnered with Send Technology Solutions to streamline and automate its operations using the InsurTech’s software.
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Plus the latest company results, people moves and all the top news of the week.
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The scale of the claim deals a substantial blow to the subsection of the energy market, but is not as large as first feared.
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The broker said there was “genuine pressure” for downstream rate reductions, whilst renewable rate rises were single digit.
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The carrier launched a dedicated renewable power offering at the start of 2022, led by Lyndsey Picton.
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Large energy property damage losses in 2020-21 saw a significant reduction, accounting for a total of $500mn across the two years.
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The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models.
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The Association of British Insurers director or regulation said that insurance providers have an important role to play in helping to provide capital to fund green infrastructure projects.
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The escalation of conflict in Ukraine has led to global energy uncertainty and underpinned high asset prices.
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The intermediary said capacity for downstream energy has now returned to 2017 levels.
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The potential for major deterioration on a 2019 loss could yet prove “devastating” for the market.
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The carrier has already withdrawn cover for the top 5% of carbon-intensive oil and gas firms in the past year.
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It is understood that the Hartford led the EUR85mn policy, with Tysers the broker.
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It is understood that MS Amlin leads the placement, which is brokered by Marsh.
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Chris Van Gend joined the company from AGCS earlier this year to lead the buildout in the class.
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Growth plans are common in the market but there are questions about the level of rating adequacy.
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Plus the evolution of the broker consolidator model, this week’s results and all the top news of the week.
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The situation remains ‘business as usual’ for Russian energy contracts, but a worst-case scenario could result in hundreds of millions of premium at risk.
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The withdrawal of the major lead market will substantially reduce available capacity at 1 April renewals.
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Cedric Wong has also been promoted to lead the UK engineering and construction wholesale team.
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The carrier has promoted Sebastian Weaver to head of sustainable energies to run the new unit.
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The Richard Watson-led carrier will enter a class that has undergone a period of substantial rate rises.
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The broker said terms and pricing were not significantly impacted by new capacity from oil and gas players.
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In the upstream market, benign conditions are expected in 2022 as commodity prices increase.
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Integra Risk Services will offer outsourced risk engineering management to the construction, engineering and energy sectors.
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The broker said the last three years of hardening had led to a “substantial technical correction”.
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Gardner was previously at Marsh for nearly three decades, holding a variety of leadership roles.
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The consortium has been developed by Chaucer, Markel and Munich Re Syndicate, and has a maximum working capacity of $100m per project.
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The underwriter will also play a part in upskilling upstream underwriters with knowledge of renewables.
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Account wins include Swedish steel manufacturer SSAB and iron ore producer LKAB, both won from Aon.
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Charlie Richardson will work as head of renewable energy underwriting, as previously reported by this publication.
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Sources say the insurance industry will not walk away en masse from existing clients.
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The renewables underwriter said the sector was suffering from broad terms, high claims and new entrants from the oil and gas sectors.
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OPEnergy will be the second MGA to launch on the platform this year, after Navium Marine was founded in April.
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Flat rates are expected in upstream whilst insurer appetite is picking up in the downstream market.
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People movement is picking up in the sector, which is experiencing broadly stable rating thanks to ample capacity.
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The broker places energy business across upstream, downstream and renewables with a team led by Tim Fillingham.
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The landmark project will provide renewable solar power to the cities of Darwin and Singapore.
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Marsh has bolstered its upstream energy division with the appointment of Thomas Burrows from Convex, Insurance Insider has learned.
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If rising prices are not addressed in insurance policies, gaps could leave energy sector players uninsured as asset values exceed insurance limits.
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Demand is growing for insurance capacity to cover less carbon-intensive energy sources.
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The AIG-owned business has seen a major transformation in its senior leadership.
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The well-known underwriter has held similar positions at Sompo International and Partner Re.
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The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.
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The energy market is being watched closely due to its potential to produce large risk losses.
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Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.
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Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
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Platforms are the most at risk offshore energy asset, with 1,651 exposed to the current trajectory of Ida, while bulk carriers are the most exposed marine asset, with 100 currently exposed.
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An increase in participants in the class of business could risk derailing underwriting remediation efforts.
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The broker said ESG pressure was attracting capacity away from fossil fuels to renewables.
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The hire previously worked for BMS and Price Forbes.
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The London-based MGA is pivoting to the renewables market and away from supporting fossil fuel energy.
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Underwriters warned of a need to sustain profits and the risk of losses as plants are reactivated.
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Meanwhile, capacity is entering the renewable energy market, where loss activity has driven up pricing.
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The broker said there were signs the downstream market was “topping out” after several years of major hardening.
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It is understood that the firm serves a number of major oil and gas clients.
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The insurance trade body has set out an ambitious climate change roadmap that would see members contribute one third of the total investment needed to help meet the UK’s net-zero target.
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The appointment follows the departure of energy line underwriter Charles Rawlins last year.
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The Mexican state oil company has been a source of major claims in the past.
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The rebrand follows a last-minute acquisition of the firm by Aquiline-owned Lloyd’s syndicate ERS, in December of last year.
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The Italian carrier pledges action in investment and underwriting and the group's core businesses, and commits to a low-climate-impact future.
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Japanese carrier MS&AD Insurance Group Holdings has become the latest insurer to limit its coal underwriting appetite, saying it will no longer insure new coal-fired power plants.
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Covid concerns are still high, while natural catastrophe concerns and capacity reduction are driving premium increases.
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Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
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He said Lloyd’s was a “broad church” and the market would work together gradually to reduce fossil fuel exposure.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
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Oliver Brown, Penny Wang, James Emson and Jack Erritt form the team.
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Jenner has more than 30 years' experience in the energy market and was formerly an executive director at Howden Specialty.
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The aspiring carrier is already providing risk-transfer deals for carbon offset buyers but plans for its initial underwriting to be focussed in more traditional areas.
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The appointment follows the decision of the Dubai MGA to restructure its energy portfolio last year.
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Severin Hegelbach is to take a new Brazil-based divisional director role.
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The Insure Our Future network is due to hold “physical and digital actions” in Japan, South Korea, the UK and the US.
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The Corporation has been repeatedly targeted by the likes of Extinction Rebellion over its involvement in fossil fuel insurance.
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Efforts to curb covers for the most carbon-heavy assets are gaining pace and the infrastructure that allows for Paris alignment on the liabilities side of the balance sheet is improving.
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Downstream uses of oil and gas pose challenges for the (re)insurance industry, he says.
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Lancashire’s upstream income was broadly stable in 2020 as the carrier registered modest rate increases.
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Wreck removal, if required, would generate a separate $50mn-$100mn claims bill for the P&I market.
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The total cost of repairs could be as much as $490mn, although the ultimate size of the claim remains unclear.
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Jones specialises in international upstream business and is experienced in offshore platforms.
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The MGA, which has capacity from Berkley Offshore and Munich Re Syndicate, is to start underwriting in June.
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The carrier aims to make its entire global operations climate neutral by 2030 and has set new investment targets.
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
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The newly created Insurance Rebellion dumps fake coal on the doorstep of One Lime Street.
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Most of the loss comes from BI, with the remainder split between physical damage and extra expenses.
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In the downstream energy insurance market, 2021 has begun relatively quietly in terms of loss activity.
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The partnership will focus on onshore wind and solar projects in the US and Canada with a line size of up to $50mn per location.
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The appointment comes after the departure of its Netherlands-based team and Sophie Irvine in the UK.
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The global natural resources director said “walking away” from risks was unhelpful and a “policy of engagement” was needed.
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Capacity above a certain limit remains unavailable, with coal and oil sands industries affected especially.
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Rating is now bifurcated, with clean risks securing 12.5%-20% increases and more loss-impacted risks seeing 25% -40% hikes.
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Offshore construction business can attract rates of up to 75%, compared with 5% rises in exploration and production.
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Gallagher is the broker for Indonesian state oil firm Pertamina, with AIG and Axa XL understood to participate.
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The Nuclear Electric Insurance Limited subsidiary is targeting US E&S and looking to write business from April.
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Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit.
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The reinsurer accelerates its retreat as part of a new set of targets to achieve net-zero emissions by 2050.
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More customers and investees are in dialogue with the carrier over sustainable energy concerns.
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Nat cat and extreme weather claims have become more frequent and severe with hail, heavy rain and wildfires leading to significant losses.
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The need to secure rate increases will be countered by the financial pressures faced by policyholders.
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CEO Amanda Blanc claims a world first with a plan that includes underwriting curbs on companies making more than 5% of their revenue from coal from the end of this year.
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The P&I club says it increased its market share across all other lines, including hull and energy.
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The move is a response to US sanctions which previously brought construction on the Russia to Europe project to a halt.
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The move is a response to US sanctions which previously brought construction on the Russia to Europe project to a halt.
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The appointment follows the expected departure of Phil Furlong to expansive insurer ERS.
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The large number of “unwinterised” assets in the north of the state could lead to a slew of claims.
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The agreement will initially focus on political risk and trade credit, energy and property business, with up to $25mn of capacity per risk.
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The newcomer had joined Lancashire as an underwriter only in October.
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The division will service large corporate energy companies in EMEA, Asia Pacific and Latin America.
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The WR Berkley subsidiary was founded in 2009 and writes upstream energy, marine and energy liability.
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His predecessor left the business following his conviction for assaulting his then-partner.
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Contractor negligence and poor vegetation management are also increasing sources of claims.
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Aon’s Nicholas Boswell Brown and Aviva’s Claire Whelan join the business in April to support the expansion into Spanish-speaking markets.
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The step is the latest in a flurry of initiatives companies in the insurance sector are taking to combat climate change.
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The broker says the London and European renewables markets achieved profitability in 2020.
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Opportunistic insurers are charging rate rises of up to 400% on excess layers amid a shortage of capacity.
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Message will write lines including upstream energy as the motor syndicate expands into specialty classes.
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Sophie Irvine was the only renewable energy underwriter left after Canopius’ Netherlands-based team left the business last year.
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Losses are “within expected tolerance levels”.
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Available capacity has shrunk by around $200mn in the loss-hit class of business.
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Hardening trends in other classes and ESG concerns will test insurer confidence in the sector.
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They are the latest in a spate of renewable energy hires, which the broker has been growing over the past year.
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Sources told this publication that former Pioneer colleagues may join the MGA’s new recruit.
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The partnership will aid the MGU’s international expansion with Generali GC&C UK leading a consortium to back its growth.
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The losses stem from the Barzan gas plant in Qatar and a Tullow facility off the coast of Ghana.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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Prior to her time at the oil giant, Harding led the captive practice at Willis Towers Watson.
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The executive was an EVP at the Innovisk-hosted MGA, which will enter run-off for 2021.
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The team from the Climate Policy Initiative advises organisations on market exposure to low-carbon transitions.
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The executive joins the start-up after working at Axa XL since 2007.
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Howard Burnell was reportedly convicted at Wimbledon Magistrates Court of assaulting his then-partner.
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Shazia Aslam Rafique has worked at LSM since 2003 and has over 21 years’ experience in the industry.
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The latest hire follows the appointment of fellow Guy Carpenter marine and energy broker Andy Massingham last month.
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The experienced underwriter, a former global head of energy at AIG, will be based in London.
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The court finds no “justifiable doubts” around the arbitrator’s impartiality after the US oilfield services company alleged bias.
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The former global head of marine, aviation, transport and offshore energy will be a partner and starts on 19 November.
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The sanctions will further complicate the delayed construction of the 2,460 km pipeline between Russia and Germany.
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The Hammerfest loss is thought to be ~$500mn and well spread around the market.
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Guido Benz will join the business next spring and report to Lee Meyrick
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Peter Draper was AFL’s international property and energy director, and before that worked at UIB for 13 years.
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The executive will lead the marine and energy mutual, agency and captive reinsurance solutions practices.
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Matthew Holmes and colleagues move to the Lloyd’s operation after Dubai-based MGA Elseco restructured its energy portfolio.
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The executive leaves Aon after 13 years
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This is just 26% of theoretical capacity of $3bn and has led to major clients self-insuring parts of their programmes, according to Willis.
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Carriers are imposing 7.5%-10% rate rises on accounts with less than $1mn premium, the broker finds.
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The Tokio Marine HCC MGA takes Zoe Massie from AGCS and confirms the hire of Talbot’s Joshua Cantwell.
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The loss record for the class has dramatically improved this year, with a worst-case loss scenario of around $2.5bn for 2020.
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Jonathan Ibbott, David Watts and Urs Uhlmann have also left the business.
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The Aon Global Energy chief commercial officer’s move reflects continued strong interest in the broking sector among financial investors.
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One source predicted a loss tally as low as $200mn.
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Early reports from the Gulf of Mexico suggest that damage could be less than the $1bn-$2bn range.
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The executive resigns after more than three years as energy chief to pursue other opportunities.
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Insurers forecast rate acceleration, along with damage below that seen in 2005 and 2008.
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Stinging energy losses could be added to a slew of painful marine and aviation losses in August.
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The executive joins as head of offshore renewable energy following the MGA’s takeover by Tokio Marine HCC.
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The JC Flowers-backed broker continues its hiring spree following a rebrand.
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Gavin Tidman will become an executive partner for the energy practice and expand its presence in international markets.
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Will Curtis will lead the new unit as property risk partner, as the MGA separately increases its energy capacity.
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The exit of Aspen and Liberty along with a “challenging claims environment” has put pressure on the class.
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The broker has made a number of recent hires, including in the energy division in London.
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Tom Baker will become the carrier’s first ever global head to be based in Asia.
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The loss from a March explosion at a South Korean petrochemical plant has expanded from about $200mn to around $600mn after business interruption (BI) claims pushed up the initial loss estimate.
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The upstream energy market is unlikely to face a claim for the hijacking of a floating production, storage and offloading (FPSO) vessel off the coast of Nigeria earlier this month.
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Insurers for BW Offshore’s Sendje Berge FPSO may have dodged a bullet following a pirate attack on the vessel, but the ordeal may only be beginning for the nine crew members kidnapped in the raid.
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Insurers’ ambitions cannot be sustained in a prolonged soft rating environment, the broker says.
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A spell of damaging losses has led to sustained positive rate movement in the sector.
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Dominican Republic firm Refidomsa ran a request for proposal process earlier this year.
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Warren Diogo will head up the London-based team and focus on wind and solar risks.
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The loss from a March explosion at a South Korean petrochemical plant has expanded from about $200mn to around $600mn after business interruption (BI) claims pushed up the initial loss estimate.
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BI losses increase the claims tally on the Aon-brokered policy.
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Peter O’Neill and Lorena Gallagher join the energy team, while Richard Tomlin heads up marine property and war.
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Joanne Silberberg will be Canadian renewable energy leader and Dan Gumsley will be a UK account manager.
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Underwriters were unable to push through rate rises of more than 5 percent at 1.6 as the oil price crash impacted available spend
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Former RK Harrison broker Russell Williams will join the Bermuda office.
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The expansive broker adds another former JLT Re executive, intercepting Martin Stephenson’s move to Aon.
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Brett Hatton will start in September and report to downstream energy head Jon Parker.
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A public insurance certificate unearthed by Reuters shows that the insurers are involved despite pledges to fight climate change.
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The broker called on the industry to address the issue of ageing infrastructure.
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Upstream energy is unaffected by the pullback.
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The company wants to remove coal-based companies from its investment and insurance portfolios by 2040.
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The broker has made sweeping changes to its global green energy broking set-up.
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City comptroller Scott Stringer said AIG, BHSI and Liberty Mutual should stop underwriting and investing in coal.
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The downstream market is expected to be less impacted although there is some BI exposure.
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A memo seen by this publication says the Dubai-based MGA plans to relaunch its energy operation.
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Rates have risen by more than 20 percent, and will be impacted by Covid-19 and the oil price war.
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Rate growth in the sector stands at 20 percent and in some cases even higher.
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The broker predicts a “period of turmoil” among energy companies and their insurers.
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The falling oil price could shrink premiums and curtail rate rises in the recovering class.
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The worst performing Lloyd’s syndicate suffered from adverse development on prior years for both classes in 2019.
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Remedial actions start to bear fruit in primary property.
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Sources said the retreat of Liberty and Aspen from the class has made placements challenging for brokers
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The Dubai-headquartered company will list on the Nasdaq today, giving it additional access to capital markets.
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The position at the carrier was vacant following the elevation of Peter Welton to UK head of energy.
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The deal comes as renewable energy rates continue to harden.
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The experienced underwriter left Canopius last year on the eve of the AmTrust merger.
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Market sources said the carrier was no longer accepting submissions across those classes of insurance.
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Marc Sullivan will be a downstream energy class underwriter at IGI and report to Graham Hensman.
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The carrier may also expand in power and niche aviation as conditions improve, CUO Paul Gregory told analysts.
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Hardening market conditions are providing opportunities, the broker says.
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Gordon Browne will take over as interim head of global specialty following the executive’s departure.
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The move comes amid rate hardening across both energy and marine insurance.
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The AIG executive urged carriers to be "part of the solution" and help customers transition to cleaner energy.
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The hires follow key upstream energy appointments at carriers including Convex and Sompo International.
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The MGA’s CEO predicts a halt to significant capacity withdrawals.
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Raoul Carlos will lead the specialty “centre of excellence”, with the MGA platform also creating two other dedicated hubs.
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Sam Walsh joins from GCube, while liability specialist Pifer moves over from another Axis division.
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The former AGCS marine chief will be managing director of Willis Re’s international customised reinsurance practice.
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An oil rig off the coast of Norway may seem an unlikely victim of social inflation. But the phenomenon that has created misery for USA Inc and shaped the outcome of the casualty reinsurance renewals is being felt far from the pharmaceuticals companies, the hospitals, the religious institutions – and insurers thereof – perceived to stand well ahead in the firing line.
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Losses in the wider casualty market are affecting relatively loss-free pockets of the energy sector.
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The broker said a significant loss could trigger a drop in capacity, which is at an all-time high.
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Rates increases of 25 percent and far higher are set to accelerate in the coming year.
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Karey Vaught has joined Alliant as an executive vice president, serving US energy and marine clients.
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The move comes after Chubb’s global head of upstream left in September to join AIG.
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GCube specialises in marine, property, liability and political risk cover for the renewable energy market.
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The MGA was unable to secure capacity for the three classes for 2020.
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It will no longer underwrite or invest in risks where more than 25 percent of exposure arises from thermal coal extraction or energy production.
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Underwriters expect to book increases of 2.5 percent as capacity still abounds in the sector.
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Amid challenging conditions, the carrier said it did not see a long-term future in the class.
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The broker will initially focus on Asia, Europe and the US.
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At this week’s UN climate change meeting in Madrid delegate countries will discuss how to meet their Paris Agreement commitments. Next year they will be required to stump up specific plans at a crunch summit in Glasgow.
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The insurer will also double green investments over the next four years.
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The start-up aims to grow to £25mn revenue within five years.
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Existing Mena business will be handled in Zurich, with new and renewal business for the region relocating to London.
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The senior underwriter said uncertainty over state tax breaks had contributed to an uptick in claims.
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The campaign group calls on reinsurers to restrict fossil fuel underwriting and investment.
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The facultative portfolio includes power, property and renewable energy.
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The pull-back comes amid a repositioning of energy at Liberty’s Global Risk Solutions (GRS) operation.
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The Bermuda carrier will also curb investments in fossil fuel-exposed companies.
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The German reinsurer’s stance adds to evidence that certain energy assets are fast becoming uninsurable.
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A surge in capacity has driven down prices, and the sector is vulnerable to vast catastrophe losses.
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Rates and deductibles are increasing and wordings are under scrutiny as market reacts to losses.
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Peter Welton becomes UK energy head to replace Luis Prato, who was promoted to CUO of Axa XL UK legal entities.
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Size of payout will depend on whether CBI sub-limit of $100mn holds, with insured seeking $450mn.
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Remote controls will soon allow insurers to access immense datasets about high-value assets, according to panellists at a conference.
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A panel of upstream energy experts at the Energy Insurance London conference nevertheless see opportunities from the transition to renewables.
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The withdrawals are part of ongoing efforts to redeploy capital away from underperforming lines of business.
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Prices in the downstream sector continue to surge as losses pile up.
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Munich Re Innovation Syndicate will start underwriting on 1 January 2020.
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Matt Lucas joins as managing director of business development, while Dvorit Mausner will be director of execution.
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The carrier’s risk appetite in the lines is expected to be unaffected by the departure.
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Aramco does not buy standalone political violence cover, but some energy policies may have contingent business interruption losses.
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Lucy Clarke said insurers must better understand risks as energy firms move from finite to renewable sources.
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The executive becomes a permanent replacement for Paul Greensmith, who took the CEO role at the UK businesses last year.
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Sam Bishop joins as renewable energy underwriter, reporting to head of renewable energy Warren Diogo.
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The executive, who has been with Chubb for 16 years, will join AIG as head of UK energy.
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The internal promotion comes after Steve Hawkins left the firm for Convex.
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Barnes moved to Houston earlier this year to lead the Marsh JLT integration
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The decision, made by a US bankruptcy judge, sent PG&E shares plummeting by as much as 30 percent on Monday.
-
A report from the broker said insurers’ tolerance of mediocre results has hit an ‘inevitable bottom’.
-
Separately, StarStone head of power and onshore energy Ben Wilson is also to leave at the end of the year.
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The executive leaves the AIG-owned business after 18 years.
-
Alicia Calhoun serves as energy oil and gas practice leader and is based in a satellite office in Houston, Texas.
-
Underwriters said rate rises of 20 percent plus were needed, with some pushing for hikes of as much as 70 percent.
-
The Philadelphia programme also has big lines from Munich Re and Scor.
-
Pressure from both Lloyd’s and company markets has pushed up rates in the energy market segment.
-
David Hawksby will lead the energy portfolio from Houston.
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Chairman and CEO Greenberg say the moves reflect the carrier’s commitment as a “steward of the earth”.
-
The Swiss firm claims to be the first insurer to sign up to a charter aiming to put a 1.5°C ceiling on global warming.
-
Jens Voges will work from the Cologne office.
-
The underwriter was XL Catlin’s head of engineering before moving to Canopius in 2015.
-
The class, which has experienced a string of recent losses, will now be written from Argo’s Bermuda platform.
-
The Axa XL-led placement could still escape a claim if it is determined there was no physical trigger for the loss.
-
The major account loss comes as parent company AJ Gallagher awaits a High Court verdict in the poaching case with Ardonagh.
-
Tom Houston will work with upstream specialist Steve Hawkins at the new carrier.
-
Insureds are resisting rate rises after another loss-free year for offshore wind risks.
-
Construction and downstream energy react to loss experience as upstream registers small increases.
-
EC3 execs described low-to-mid single-digit increases on average, with aviation, property D&F and PI rates pushing higher.
-
Property insurers are also set to take a significant hit from a gas explosion in Massachusetts last year.
-
The broker’s Marketplace Realities report foresees property and marine rates rising as much as 15 percent, and energy lines jumping up to 20 percent.
-
The underwriting plan builds on last year’s decision to curtail fossil fuel investment.
-
The executive takes on management responsibility for aviation and marine .
-
The company is partnering with Scor to provide capacity for its credit insurance policy.
-
The MGA has also gained 9000 series coverholder status.
-
Insurers are now achieving double-digit rate rises, with some loss-hit accounts up 100%.
-
Poor recent loss record and a lack of corrective rate action mean jobs could be lost and capacity cut, Marsh-JLT Specialty has warned.
-
QBE is the latest (re)insurer to halt cover and pull investments from projects involving the fossil fuel.
-
The Western Australian town of Karratha lies in the path of the storm, which skimmed the coast at the same speed as a Category 2 hurricane.
-
Raging fire at Intercontinental Terminals Co’s facility has reginited while a wall holding back toxic liquid has collapsed.
-
The facility provides cover for all international upstream energy insurance programmes written from Equatorial Guinea.
-
The executive takes up the new position with immediate effect.
-
Revenue surges in wholesale business.
-
The company made the announcement as it outlined plans to boost its top line by 33% in the coming years.
-
The Chinese state-backed reinsurer co-leads a new consortium along with Canopius and Travelers syndicates.
-
Gladwell is joined by his former colleague at Upstream Brokers Misty Phillips.
-
The Austrian carrier reserves the right to insure coal risks in exceptional cases in countries where the economy and employment depend on the sector.
-
A local news outlet names the prospective buyer as Centerbridge, teamed with two other funds.
-
The leading figures in the Latin American reinsurance market are in Miami for the region’s version of the Monte Carlo Rendez-Vous de Septembre.
-
The executive was brought in to help run the carrier’s specialty book that includes a large marine component.
-
The new purchase is the broker's second Malaysian investment in the last month.
-
-
US carriers and brokers are next to be targeted by a coal divestment campaign.
-
The carrier has hired from HDI, Aspen, Allied World, MS Amlin and Munich Re.
-
Lloyd’s Decile 10 review hits the power market.
-
The Nine Merchants Re co-founder will lead the broker’s expansion into the region.
-
The carrier received regulatory approval for the new Indian operation in 2018.
-
Haines will lead the newly created operation.
-
The Chapter 11 procedure adds a new dimension to carriers’ legal action against the utility related to losses incurred from the Camp Fire.
-
Tom Busher replaces William Dalton, who retires from the board after more than 14 years.
-
An increase in activity at the oil and gas fields helped maintain the industry’s premium pot.
-
The pair will underwrite upstream and downstream energy risks.
-
Carriers are seeking rate rises of 10-20 percent in 2019, the broker said.
-
The new underwriting venture will initially focus on upstream and downstream reinsurance business.
-
The claim is largely unreserved in the London market, sources said.
-
The leadership roster includes JLT's Peter Elson as aviation chief, with the construction and real estate business taking a CEO and chairman from each component company.
-
Downstream energy and construction markets respond to losses, while terrorism remains competitive.
-
He will continue to underwrite for the German MGA from Markel’s London office.
-
The energy broker is set to join the business from Aon.
-
The executive will take up the new role after working his notice.
-
The underwriter will move to the Singapore-headquartered carrier after working his notice period.
-
Property, marine and energy head Carl Day will start the new role on 1 January.
-
Butcher, d’Alessandro and Hunt have left the business.
-
Jonny Allen and Charlie Richardson will move to the carrier from the specialist MGA.
-
The move will cost the carrier almost $114mn in gross written premiums.
-
-
Underwriting manager Richard Whelan will relocate to Liberty Specialty Market’s London headquarters.
-
The carrier will continue to accept cargo risks but has curtailed standalone subsea business.
-
Lawyers and the state regulator investigate the utilities firms.
-
The executive previously led downstream natural resources at the London corporate risk and broking operation.
-
Burke to become chairman and Clarke president of Marsh-JLT Specialty.
-
The broker will lead on casualty within BMS’ energy unit.
-
Smith replaces Simon Clarkson, who becomes deputy chairman of energy at the broker.
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