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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. -
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.
