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Energy reinsurance

Environmental collective urges re/insurers to pull support for Australian coal mine

6th December 2018

A collective of 73 environmental organisations has penned a letter to 30 global re/insurance companies urging them to rule out any insurance services for Adani Group’s Carmichael coal mine and associated rail project in Queensland, Australia. The organisations, which collectively represent 76 million members, hope to build on the momentum of ... 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

Upstream energy sector remains profitable, but rate reductions unlikely: WTW

22nd November 2018

The upstream energy re/insurance sector looks set to continue its profitable trend in 2018, although insurers are reluctant to implement any further rate reductions as this fragile dynamic could be reversed by only a modest upturn in claims, according to re/insurance broker Willis Towers Watson (WTW). The November 2018 edition of ... Read the full article

Markel forms new Marine and Energy divisions, names heads

5th November 2018

Specialist insurer and reinsurer Markel International has created two new standalone divisions for Marine and Energy, and has appointed Chris Fenn and Julian Samuel as Managing Directors of the businesses. The formation of the new divisions reflects the growth of Markel’s Marine and Energy business, which has become the single largest ... Read the full article

Verisk adds new events records to EPIX energy insurance platform

29th October 2018

Data analytics provider Verisk has enhanced its energy re/insurance platform, Energy & Power Intelligence Xchange (EPIX), with a new module that features records of events involving 10,000 energy assets around the world. The module, called EPIX Experience, will enable re/insurers to see the frequency of events such as regulatory violations, man-made ... 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

Alesco adds Miller’s Steve Dewey to energy division

25th September 2018

Alesco Risk Management Services, the specialist insurance and risk management broker, has appointed Miller’s Steve Dewey as Executive Partner in its energy division. Dewey will join Alesco in early 2019 after 23 years at Miller, where he held increasingly senior roles and left as Partner, responsible for the Upstream Technical team. In ... Read the full article

Ian Curtin joins Miller from Marsh as Head of Energy Construction team

18th July 2018

Insurance and reinsurance broker Miller has appointed Ian Curtin as Head of its Energy Construction team to bring expertise in oil and gas re/insurance to clients globally. Curtin has decades of experience in various areas of the energy world and joins Miller from Marsh, where he served as Global Head of ... Read the full article

Lockton appoints Jerry Ridge as Global Head of Marine & Energy Reinsurance

2nd July 2018

Insurance broker Lockton has announced the appointment of Jerry Ridge as Global Head of Marine and Energy Reinsurance. Ridge brings 37 years’ reinsurance industry experience to his new role at Lockton, which will see him manage the company’s fast-growing international Marine and Energy business group. Most recently, Ridge served as Chairman of ... Read the full article

Allianz expands climate strategy with long-term carbon reduction goals

9th May 2018

Allianz Group has significantly expanded its climate strategy with plans to immediately withdraw from re/insuring coal-based power plants and mines, and long-term goals to phase out its investments in coal-based business and re/insurance coverage of related risks by 2040. The Group also plans to support the long-term development of a low-carbon ... 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

BMS expands new energy division with appointments of Divisional Directors

24th April 2018

BMS Group Limited, an independent specialist insurance and reinsurance broker, has appointed Kristina Juul and Richard Force as Divisional Directors in its energy broking division, which was launched in February 2018. Both Juul and Force will report to James Chicken, the newly appointed Managing Director of the energy division, who ... 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

GIC Re to lead largest Indian offshore oil & gas re/insurance program

4th April 2018

GIC Re has won the bid to be the lead re/insurer for India's government backed offshore energy provider Oil and Natural Gas Corporation (ONGC). State-run reinsurer General Insurance Corp of India (GIC Re) will be able to take a 15% line on the ONGC program, which looks to re/insure upstream offshore ... Read the full article

PartnerRe to transfer Upstream Energy insurance portfolio to Ark Syndicate

8th March 2018

PartnerRe has announced a collaboration with Ark Syndicate Management Limited (ASML) that sees the reinsurer's Upstream Energy insurance portfolio transfer to ASML Syndicate NOA 3902. The new, strategic agreement relates to applicable policies incepting and written on or after January 1st, 2018, alongside renewal rights for policies renewing subsequent to that ... Read the full article

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