Energy

The MGA said insurers competing on price was “not sustainable”.

Benign claims activity and increased capacity are contributing to “competitive pressures”.

The broker confirmed Darren Jones and Ian Curtin were also joining the firm.

The appointment comes following several resignations in Travelers power and renewables division this year.

The business is formed out of the existing Thomas Miller Specialty Offshore team.

Pine Walk MGA Kersey Specialty pivoted to renewables at the start of this year.

The promoted employees have all been with BHSI’s Singapore offices for years.

The downstream market is expected to soften in the second half of the year.

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The executive said losses in the Middle East had “sent shockwaves” through the market.

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.