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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.
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The downstream market is also starting to soften after a “massive influx” of premium income.
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The broker said achieving profitability “remains challenging” for insurers.
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Staff movement in energy has been more active than any other class of business this year.
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WTW has also recruited Marsh’s Thomas Burrows and Rupert Mackenzie recently.
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The move comes amid elevated personnel movement in the energy sector.
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The growing scale of projects is contributing to the need for more capacity.
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The new product will be led by head of special risks Ed Parker.
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The moves are the latest in a period of personnel upheaval in the energy market.
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The broker’s energy division has welcomed a string of hires in the past year.
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The energy liability market has seen a number of new entrants in recent months.
