Energy

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.

BI losses increase the claims tally on the Aon-brokered policy.

Willis Towers Watson’s global head of broking for natural resources, facultative, James Goodwin is to join Guy Carpenter’s facultative reinsurance division (GC Fac).

Peter O’Neill and Lorena Gallagher join the energy team, while Richard Tomlin heads up marine property and war.

Joanne Silberberg will be Canadian renewable energy leader and Dan Gumsley will be a UK account manager.

The broker notes a swift transition after years of soft conditions.

Underwriters were unable to push through rate rises of more than 5 percent at 1.6 as the oil price crash impacted available spend

Former RK Harrison broker Russell Williams will join the Bermuda office.

The expansive broker adds another former JLT Re executive, intercepting Martin Stephenson’s move to Aon.

Brett Hatton will start in September and report to downstream energy head Jon Parker.

A public insurance certificate unearthed by Reuters shows that the insurers are involved despite pledges to fight climate change.

The broker has the biggest book in the offshore wind market, according to sources.