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Underwriters warned of a need to sustain profits and the risk of losses as plants are reactivated. -
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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Both brokers join the specialty energy unit from Ed Broking.
