Energy

The CEO said that IGI’s action within its PI book showed it was ready to walk away from unprofitable business.

The Ryan Specialty renewables MGA launched an international arm last year.

The underwriter has worked for Markel in Singapore since 2020.

Jo Smart has worked for Torus and Aegis during his two decades in the market.

High capacity is adding to competition in the upstream energy space.

New sources of capacity lack the expertise to service rapidly developing clients.

According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.

Small modular reactors are increasingly viewed as a means of meeting surging energy demand.

The London broker has also recently hired Michael Lohan from Lockton.

Dale Underwriting recently pulled out of standalone offshore energy business.

Plus, the latest people moves and all the top news of the week.

This publication revealed in February the incident was expected to lead to a major claim.

The aviation market may prove an outlier following a disastrous year of loss activity.

Rönesans covers lines including aviation, energy, engineering and liability.

The carrier said the decision reflected its commitment to portfolio discipline.

The LPPC will offer limits of $127.5mn EAR and DSU coverage in the US and Canada.

Donna Swillman is currently a senior underwriter at Axa XL.

The underwriter has over 20 years' experience in the construction insurance sector. 

The carrier is looking to take a lead position in energy-transition risks.

The broker has a longstanding trading relationship with US retailer Alliant.

A notable uptick in attendance underpins the value still placed on the iconic trading centre.

There has already been an influx of new capacity from MGAs into the power market.

The NFP acquisition was a “tailwind for organic growth, not a key driver”, said CFO Edmund Reese.

Staff targeted include producers that channel business through Howden’s London wholesale arm.

Sources said MarshBerry is advising the underwriter.

Tokio Marine GX was launched in May to offer coverage for companies looking to decarbonise.

The carrier has appointed Roberts Proskovics as renewable energy risk management head.

The latest hires follow Rob Hale’s move to Willis.

The broker made several senior energy hires from Marsh last year.

The executive has spent 13 years in the broker’s marine division.

Plus, the latest people moves and all the top news of the week.

The MGA will write natural resources professional liability business.

Renewable energy premium written in London and international markets amounts to $2bn.

Sources said the downstream energy market is unlikely to turn a profit in 2025.

Plus the latest people moves and all the top news of the week.

Clients are increasingly using captives because of uncertainty around long-term capacity commitments.

The carrier has entered several new classes recently, including specie and reinsurance.

The claim hits the downstream market following a loss-hit start to the year.

It is the second deliverable of the FIT Transition Plan Project.

The aerospace, energy and marine markets all sustained multiple significant losses in H1.

Although US pricing is improving there is pressure in other geographies.

The underwriter joined MS Amlin in 2020 after more than 24 years with Markel.

The underwriter joins from MS Amlin.

There has been significant talent displacement in the specialty reinsurance market.

TMGX is designed to help insure the green transition.

The CUO described the pricing dynamics in the line as “strong and good”.

The worsening of extreme weather is becoming a global problem, presenting data challenges.

Softening in the upstream market has also accelerated beyond expectations.

The carrier laid out its business mix for the newly launched reinsurance syndicate.

Willis said rising energy demand is creating a revival in the nuclear industry.

Argenta will also manage the run-off and renewal of the previous White Bear binder.

Reinsurance and property remained the primary drivers of premium growth.

The product supports investors of early-stage carbon removal projects.

The broker has also named Andrew Herring chair of the division from next year.

The binder will provide capacity for international fac property, power and onshore energy.

The Corporation said pricing within aviation was “almost certainly inadequate”.

The broker said the list of perceived obstacles was “fairly damning” for insurers.

Earlier this week, we revealed that Louise Nevill was joining Axa XL as specialty CUO.

Competition for specialty reinsurance talent remains high.

Camilla Gower joined TMHCCI in 2020 from StarStone.

Two major claims have prompted underwriters to question the sustainability of double-digit rate decreases.

The broker joined the Ardonagh Group from Gallagher’s Alesco in 2017.

The MGA launched last October with a B.P. Marsh investment.

Good ESG practices are part of good risk management, the company said.

Seven team members are set to exit, including team lead Cooke.

Plus, the latest people moves and all the top news of the week.

Sources said the claim is likely to be a multi-hundred-million-dollar event.

The upstream market has undergone a period of high personnel movement.

Auton Green will offer up to 40% capacity on onshore renewable energy lines.

Claims in recent months have brought a period of benign loss activity to an end in the class.

Coverage restrictions in renewables are increasing risk for investors.

The MGA has faced high claims activity on its energy liability book, fuelled by social inflation.

The renewables market has seen perils such as hail deliver repeated claims.

Michael O’Neill has been promoted to onshore power and renewables underwriting manager.

Former Chaucer natural resources head James Brown joins as an advisor.

The Moss Landing facility has previously faced major claims.

Robin Hamilton has been appointed head of energy and marine liability.

Several Marsh energy staff have defected to WTW over the past 18 months.

It is understood that supporters include Munich Re and Brit.

The upstream market is now in softening territory, with capacity still abundant.

Energy has been one of the busiest lines across the market for staff turnover this year.

It is understood that Lectio is now at ~$160mn of premium and could rise to $270mn next year.

Jack Palmer and Toby Hanington are also joining the firm, as previously reported by Insurance Insider.

Marine and energy were the busiest lines, driven by high competition for talent.

The broker will track and rank carriers’ response times.

Alex Nelson will work as head of power and renewable energy at the carrier.

Andrew Draycott is to stay on "for the foreseeable future".

Samer Ahmad was with Marsh for more than seven years.

The carrier is believed to be restructuring the leadership of its London specialty business.

The recruitment comes amid a spate of hiring for Westfield.

The report aims to plug the gap in insurance-specific guidance.

Panellists at Insurance Insider’s LMC also noted a lack of C-suite engagement in renewables.

The underwriter resigned last year and had been due to launch a renewables book at Globe Underwriting.

The LMA report focused on first-party property damage from a coverage perspective and on eight key sectors.

The appointment follows the departure of upstream head Chris Touhey.

The carrier is looking to grow its specialty offering across Europe and APAC.

How is the market positioned to withstand Hurricane Milton?

The MGA said insurers competing on price was “not sustainable”.

Benign claims activity and increased capacity are contributing to “competitive pressures”.

The broker confirmed Darren Jones and Ian Curtin were also joining the firm.

The appointment comes following several resignations in Travelers power and renewables division this year.

The business is formed out of the existing Thomas Miller Specialty Offshore team.

Pine Walk MGA Kersey Specialty pivoted to renewables at the start of this year.

The promoted employees have all been with BHSI’s Singapore offices for years.

The downstream market is expected to soften in the second half of the year.

The executive said losses in the Middle East had “sent shockwaves” through the market.

Insuring the transition is frequently touted as a major growth opportunity, but when it comes to renewable energy, complications abound. Natural catastrophe, evolving technology, and data scarcity all add to the complexity of underwriting in the class. GCube's Fraser McLachlan has been operating in the renewables sector over several market cycles, and gives his insight on the latest dynamics in the class.

Smith joins from QBE Insurance, where he spent over 13 years.

The downstream market is also starting to soften after a “massive influx” of premium income.

The broker said achieving profitability “remains challenging” for insurers.

Staff movement in energy has been more active than any other class of business this year.

WTW has also recruited Marsh’s Thomas Burrows and Rupert Mackenzie recently.

The move comes amid elevated personnel movement in the energy sector.

The growing scale of projects is contributing to the need for more capacity.

The new product will be led by head of special risks Ed Parker.

The moves are the latest in a period of personnel upheaval in the energy market.

The broker’s energy division has welcomed a string of hires in the past year.

The energy liability market has seen a number of new entrants in recent months.

Although talent movement in Q1 2024 was above Q1 2023 levels, personnel movement slowed in Q2 2024.

The facility will provide coverage globally for blue and green hydrogen projects.