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The campaign group calls on reinsurers to restrict fossil fuel underwriting and investment. -
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.
