Reinsurance News
Downstream energy
Apprehensive outlook for energy & insurance industries: WTW
3rd November 2022
According to a report from the global advisory, broking and solutions company, WTW, both the energy and the insurance industries have a lot to be apprehensive about heading into the January renewals, as global geopolitical and economic uncertainties continue to intensify. A number of factors have contributed to this new “apprehensive ... Read the full article
Hardening of energy market limited by positive factors: WTW
21st June 2022
Positive factors continue to limit the hardening of the market dynamic in upstream and downstream energy insurance, according to a WTW report. According to the broker’s 2022 Spring update, while downstream energy insurance buyers are yet to enjoy a soft market, the very best programs have now ... Read the full article
LSM promotes Aslam Rafique to new downstream energy role
2nd December 2020
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the promotion of Shazia Aslam Rafique to the newly created role of Regional Product Line Manager – Downstream Energy for London, Europe and Dubai. She reports to Michael Gosselin, Chief Underwriting Officer, Specialty in her London and Europe role ... Read the full article
Risk Theory launches underwriting unit for downstream energy
15th October 2020
Risk Theory, a privately held specialty lines insurance manager, has announced the launch of a new underwriting unit for downstream energy contractors. The unit, called Carbon Underwriters (not related to the Lloyd's focused underwriter of the same name), will offer products for contractors working in petrochemical plants and refineries in several ... Read the full article
Energy & power industry should prepare for turmoil, warns Marsh JLT Specialty
16th April 2020
Amid widespread uncertainty surrounding the potential impacts of the COVID-19 pandemic on the energy and power insurance sector, Marsh JLT Specialty has said that the industry should be prepared for a period of turmoil. Currently, the potential hit to the insurance and reinsurance industry from the impacts of the ongoing coronavirus ... Read the full article
Marc Sullivan joins IGI as Class Underwriter for Downstream Energy
19th February 2020
International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has appointed Marc Sullivan as Class Underwriter, Downstream Energy, based in its London office. Sullivan joins the company from Barbican Insurance Group, where he also served as Class Underwriter for Downstream Energy. Prior to Barbican, he spent eight years ... Read the full article
TransRe partners with Allphins to launch energy reinsurance platform
5th February 2020
Global reinsurer TransRe has partnered with energy InsurTech firm, Allphins, to create a data analytics platform for offshore energy reinsurance business. Under the terms of the agreement, TransRe will leverage Allphins software to digitalise its treaty reinsurance arrangements, monitor its aggregate exposures, and identify opportunities within the marketplace. The Chief Executive Officer ... Read the full article
Rate divergence continues for upstream & downstream energy: Marsh JLT Specialty
17th October 2019
A new report from Marsh JLT Specialty has highlighted the ongoing divergence in rates between upstream and downstream energy markets, as the upstream market continues to struggle to achieve meaningful increases. In contrast, downstream energy rates are gaining more traction, driven by withdrawals and cutbacks in capacity. Other specialty lines – including ... Read the full article
Downstream energy sector sees first major capacity decrease since 2001: WTW
5th April 2019
The downstream energy sector experienced its first significant decrease in underwriting capacity since 2001, according to a new energy market report by broker Willis Towers Watson. Downstream capacity fell from $6.8 billion to $6.2 billion in the first major market turn since the aftermath of 9/11, WTW analysts said. They attributed the ... Read the full article
Downstream energy rates set to improve after difficult 2018: JLT
8th January 2019
Rates in the downstream energy sector look set to improve in 2019 as re/insurance companies finally take a stand against increasingly poor underwriting results over the last few years, according to analysts at JLT. The re/insurer’s latest quarterly energy report noted that management oversight and pressure to turn rates around has ... Read the full article
Downstream energy sector to see turnaround after years of losses: WTW
23rd November 2018
Price increases in the downstream energy re/insurance sector are now inevitable after years of unprofitable returns and major losses, according to re/insurance broker Willis Towers Watson (WTW). The November 2018 edition of the firm’s Energy Market Review noted that 2017 was the second worst underwriting year on record for the sector ... Read the full article
Flat energy market conditions prevail through Q3: Lloyd & Partners
8th October 2018
Largely flat market conditions have prevailed throughout the third quarter of 2018 for the energy re/insurance sector, according to a new quarterly report by Lloyd & Partners. In terms of upstream energy, loss severity and frequency remained unusually low, resulting in many insurers posting their best loss ratio percentages ever, while ... Read the full article
IGI adds James Green to Energy Underwriting team
9th August 2018
International General Insurance Holdings Limited (IGI), the specialist commercial insurer and reinsurer, has reinforced its energy offering with the appointment of James Green as Senior Underwriter for Downstream Energy. Green will be tasked with growing and developing a focused renewable energy and conventional power portfolio with large corporate clients or Independent ... Read the full article
Downstream energy sector unlikely to harden in 2018: Lloyd & Partners
27th April 2018
Lloyd & Partners, an international wholesale brokerage and trading name of JLT Specialty, has outlined a number of factors that are contributing to a less significant hardening of the downstream energy sector than many re/insurers had anticipated for 2018. The three most significant factors were supply continuing to surpass demand, lack ... Read the full article
Downstream energy sector suffers worst loss in ten years: Willis Towers Watson
5th April 2018
In its Energy Market Review 2018, Willis Towers Watson reported that last year the downstream energy sector suffered its worst loss record for almost a decade, although it maintains the broader energy insurance market remains stable due to the abundant availability of re/insurance capital. The Downstream energy sector suffered losses of ... Read the full article