Praeventus B.V., an independent managing general agent (MGA) for the renewable energy sector, has announced the launch of its renewable energy platform, which will commence underwriting risks at June 1st, 2021.
Praeventus will act as an MGA for a select panel of re/insurers from across the international insurance company market and syndicates at the specialist Lloyd’s of London insurance and reinsurance marketplace.
The panel is led by specialist underwriter in the energy market, Berkley Offshore, a Berkley company. For the Lloyd’s market, Munich Re Syndicate Limited has been named as the lead, pending the completion of the Lloyd’s Delegated Underwriting Authority process.
At Praeventus, the goal is to achieve an active position in the global renewable energy sector. However, initially the company will focus on the rapidly expanding area of European offshore wind power generation.
The firm is scheduled to start underwriting from June 1st, 2021, with significant capacity underpinned by excellent financial security.
Praeventus boasts a highly experienced underwriting team led by Maarten Mulder, with support from Martijn Meijboom and Arnout Bijl, alongside the technical risk engineering services provided by Bart Leijssen.
“The global energy transition is still in its early stages but the investment outlook in Renewable’s in the coming decades is staggering,” said Mulder.
“The renewable energy industry is a relatively young industry requiring specialist insurance to support all the stages of infrastructure development; our team has been working together now for a decade, playing an important role in identifying and meeting the insurance needs of our clients. We are convinced that the team’s combination of knowledge and experience in this field will demonstrate a valuable proposition to those clients, their stakeholders and brokers.”
The team at Praeventus has been working together for more than ten years. The company will underwrite all insurance and reinsurance business classified as renewable energy, including offshore wind farms, onshore wind farms, solar power (CSP and PV), offshore transmission assets, and also associated energy storage systems, transmission- and distribution lines.
Coverage provided for construction / erection includes all risks, such as physical loss and/or damage, delay in startup including contingent exposures, and third party liability. This includes inland/ocean marine cargo / transit, machinery and electrical breakdown, design cover, and terrorism.
It also provides cover for all operational risks including physical loss and/or damage, business interruption including contingent exposures, and third party liability. Including machinery and electrical breakdown, design cover, and terrorism.
