Reinsurance News

Energy reinsurance

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

Guy Carpenter launches new Marine & Energy division

2nd November 2020

Guy Carpenter, the reinsurance arm of global brokerage Marsh, has announced the launch of a new Marine & Energy mutual, agency and captive reinsurance solutions practice. The practice, which forms part of Guy Carpenter’s Global Marine & Energy Specialty group, will be led by Managing Director Demian Smith. Guy Carpenter’s aim is ... Read the full article

AXA XL’s New Energy Risk insures fuel cell project in South Korea

21st October 2020

New Energy Risk (NER), an affiliate of global re/insurer AXA XL, has provided an insurance solution to Bloom Energy to facilitate the purchase and financing of fuel cells in South Korea. NER developed an insurance solution and monitoring schedule that addresses the operation of the fuel cells for 15 years. NER has ... Read the full article

Turkey’s Eximbank provides $79mn reinsurance support to UKEF

8th July 2020

Türk Eximbank, Turkey's official export credit agency, is set to provide $79.2 million of reinsurance backing to the UK Export Finance Agency (UKEF) for its energy projects in Iraq. A statement from Trade Minister Ruhsar Pekcan says the amount to be provided to UKEF is proportionate to the value of Turkish ... Read the full article

Climate risk to transform energy sector: Willis Towers Watson

16th April 2020

Analysts at Willis Towers Watson (WTW) have suggested that climate change risks and environmental social governance (ESG) will have a transformative effect on the energy insurance industry in the coming years. As part of its annual Energy Market Review, WTW noted that the recent oil price war and the reduction in ... Read the full article

Downstream continues to lead hardening energy market: Marsh JLT Specialty

10th January 2020

Downstream continues to see the largest rate increases in an overall hardening energy re/insurance market, according to Marsh JLT specialty, although there are signs that the upstream sector could soon step up a gear. Analysts noted that market correction efforts accelerated relentlessly for downstream energy across all regions in the fourth ... 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

PCS to improve granularity on marine & energy loss estimates

9th September 2019

Property Claim Services (PCS), a division of Verisk that collects and aggregates the re/insurance industry loss data, has announced that it plans to offer greater granularity for estimates reported under its Global Marine and Energy platform. From November 1, 2019, PCS will report industry loss estimates for new qualifying loss events ... Read the full article