Reinsurance News

Energy reinsurance

Beat Capital launches specialist energy business Horace

4th April 2023

Beat Capital Partners, a long duration investor specialising in the insurance industry, has announced the launch of Horace Agency Limited, a specialist energy underwriter. Horace will focus exclusively on onshore and offshore energy insurance worldwide outside the US, with a focus on clients transitioning to a net zero environment, initially writing ... Read the full article

Connect Underwriting launches Pixel Re for $500m+ property & downstream energy risks

5th December 2022

Specialist reinsurance MGA, Connect Underwriting Limited, has announced the launch of Pixel Re, a new dedicated monoline reinsurance vehicle for global property and downstream energy risks. For attachments of typically USD 500 million and above, the newly launched Pixel Re will offer facultative reinsurance for large multinational risks on an excess-of-loss ... Read the full article

RPS outlines energy insurance industry impact of OPEC+ output cut

18th November 2022

Analysts at Risk Placement Services (RPS) have outlined the effects on the energy insurance industry following the OPEC+ meeting in early October where it agreed to a 2 million barrel per day (BPD) oil output cut. RPS notes that the decision was made due to many factors, though one thing that's ... Read the full article

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

Verisk sells energy business Wood Mackenzie to Veritas for £3.1bn

31st October 2022

Global data analytics provider Verisk has announced plans to sell its energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion as it continues to shift its focus towards becoming a pure-play re/insurance business. Having joined Verisk in 2015, Wood Mackenzie provides data, analytics, and insights to support the energy, ... Read the full article

BMS names Alex Tesei as director of European energy reinsurance

19th October 2022

BMS Group has announced further expansion of its specialty energy practice with the hire of Alex Tesei as director of European energy reinsurance. Tesei holds almost two and a half decades of industry experience, having spent ten years building up and leading the reinsurance division of Ribé Salat in Spain, specialising ... Read the full article

Munich Re backs oil & gas decommissioning product by OneNexus

18th October 2022

Reinsurer Munich Re has agreed to provide backstop capital for a new funding product from OneNexus that seeks to provide the oil and gas industry with an option to reduce its environmental footprint. OneNexus’s Asset Retirement Obligation (ARO) product aims to address the decommissioning liabilities associated with retiring long-lived hydrocarbon producing ... 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

Africa Specialty Risks energy division capacity increases to $38m

13th May 2022

Pan-African focused reinsurance group, Africa Specialty Risks (ASR) has announced that its energy division capacity has increased to $38 million. The reinsurer stated that the increase was provided through their ongoing relationship with GIC Re and Peak Re. The increase follows on from twelve months of profitable underwriting results for ASR’s portfolio ... Read the full article

Ukraine conflict industry loss could exceed $20bn: PCS

18th April 2022

The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article

Fidelis’s Pine Walk launches specialist energy liability MGA

12th January 2022

Pine Walk Capital Limited, a Fidelis Group company and specialist MGA platform, has announced the launch of its sixth MGA, OPEnergy Limited. OPEnergy received regulatory approval from the FCA on 6 January 2022 and will write onshore and offshore energy liability risks, providing public, products and pollution liability lines. The MGA is ... Read the full article

Synapse launches energy practice with new hire

9th December 2021

Specialty wholesale insurance broker Synapse Services has announced the expansion of its business lines with a dedicated energy practice. Emris Graham has been appointed Vice President to lead the new unit, effective immediately, and will operate out of Birmingham, Alabama. Graham joins Synapse Services bringing over 16 years of experience broking complex ... Read the full article

Gallagher looks to develop in Middle East & Africa with energy hire

27th October 2021

Re/insurance broker Gallagher has announced plans to further develop its energy proposition in the Middle East and Africa with the addition of William Peilow as a partner in its Specialty energy team. Peilow joins from Willis Towers Watson (WTW) and brings existing relationships with risk managers, insurance and reinsurance companies in ... Read the full article

Markel adds two energy underwriters to APAC team

14th October 2021

Markel International, a subsidiary of the Markel Corporation, has announced the additions of Max Robbie and Yong Ruay Heah as specialist energy underwriters within its Asia Pacific team. Based in Dubai, Robbie has been appointed as head of upstream – Asia, and will report directly to Christian Stobbs, managing director of ... Read the full article

Hurricane Ida could cause major hit to Lloyd’s & energy markets: Peel Hunt

1st September 2021

Analysts at Peel Hunt have warned that Hurricane Ida could result in a major hit to both the Lloyd’s and energy re/insurance markets, in addition to massive costs for the US P&C sector. Ida made landfall in Louisiana as a Category 4 hurricane just south west of New Orleans on Sunday ... Read the full article