South Africa-based Yard Insurance has launched its new reinsurance risk solutions for the energy sector.
The company assists the energy sector to mitigate their unique risks against potential catastrophic losses like weather, rehabilitation and other complex issues.
It does this by tailoring Alternative Risk Financing Models and creates insurance capacity via funded First Party Contingency or Captive arrangements with global reinsurance capacity/support.
As capacity from traditional insurance can be restrictive and expensive to acquire, Yard Insurance believes it can manage the unique risks faced by the energy sector by providing and structuring Alternate Risk Financing Models and create insurance capacity via funded Contingency or Captive arrangements and global reinsurance capacity.
Thus, the insurer claims it can create capacity on day 1, and facilitating a financial mechanism that will respond in the event of catastrophic losses.
This insurance fund, it explained, will grow year-on-year, greater capacity going forward, and additional income streams for energy operation.
Head of Business Development, Andrew Stockton, said: “A lot of clients are looking for alternate risk solutions for their risks and are no longer happy with conventional insurance. Especially the larger type clients who spend over R5 million p.a. on their insurance portfolios.
“A lot of IPP’s are looking for Alternate Risk Transfer solutions that Yard Insurance can structure – Tailor made to their unique needs and risk profile via our reinsurance solutions.”
Farad Kajee, Yard Insurance CEO, stated: “We create innovative, bespoke solutions and provide the attention to detail that current large organisations or large corporates do not provide. Ideas make the difference.
“Yard is somebody that is open to every single new idea that is out there. We don’t discriminate. Whether it is an upstart, policy number one, or whether it is a portfolio that is established for the last 20 years.”
