Reinsurance News
Energy reinsurance
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
kWh Analytics closes 23 MW Solar Revenue Put, backed by Swiss Re
12th July 2019
kWh Analytics, a leading solar risk management provider, has closed a Solar Revenue Put for a 23 MW solar project, with capacity provided by Swiss Re Corporate Solutions. The 23-MW dc Grand Ridge Solar project, located in La Salle County, Illinois, was refinanced with the Solar Revenue Put protecting cashflows. Grand Ridge ... Read the full article
Liberty Mutual Re announces Marine & Energy hire from AXA ART
20th June 2019
Liberty Mutual Reinsurance, the reinsurance unit of Liberty Specialty Markets, has announced the appointment of Jens Voges as Senior Underwriter and Product Leader for Marine & Energy within its London Market Risk (LMR) team. Voges joins Liberty Mutual Re from AXA ART Insurance, where he has served as Senior Reinsurance Specialist ... Read the full article
Alesco launches $3.5bn energy reinsurance facility for Equatorial Guinea
21st March 2019
Alesco Risk Management Services, the specialist insurance and risk management broker, has been appointed by Africa Reinsurance Corporation (Africa Re) to arrange a reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea. The commission of the $3.5 billion facility, which will largely be placed through Lloyd’s, adheres ... 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
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
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