Reinsurance News
Energy reinsurance
Energy sector to benefit from Yard Insurance’s new reinsurance risk solutions
10th April 2024
South Africa-based Yard Insurance has launched its new reinsurance risk solutions for the energy sector. The company assists the energy sector to mitigate their unique risks against potential catastrophic losses like weather, rehabilitation and other complex issues. It does this by tailoring Alternative Risk Financing Models and creates insurance capacity via funded ... Read the full article
Energy reinsurance market faces unanticipated challenges despite initial optimism: WTW
24th November 2023
In a surprising turn of events, the impact of reinsurance market dynamics on direct clients within the energy sector has not unfolded as expected, according to the latest findings in the October 2023 Energy Market Review by WTW. Earlier in the year, insurers were bracing themselves for the aftermath of challenging ... Read the full article
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