Reinsurance News

Energy reinsurance

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

Nicola Harris named Head of Energy, EMEA, XL Catlin

6th March 2018

XL Catlin’s insurance operations has appointed Nicola Harris to Dubai-based Head of Energy, EMEA, to head up the provision and design of insurance solutions for the Energy sector across EMEA, while leading a team of underwriters based in Dubai, Paris, Amsterdam and Madrid. Huw Jones, Global Head of Energy at XL Catlin, ... Read the full article

BMS launches new energy division with senior broker hires

20th February 2018

BMS Group Limited, the insurance and reinsurance broking specialist, has launched a new energy broking division with the hires of three brokers, two of which are particularly senior and well-known figures. James Chicken and Charlie Bowring both join from Price Forbes and are set to become managing director and chairman of ... Read the full article

Berkshire Hathaway Specialty launches in Dubai with hires from AIG & AXA

12th February 2018

Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance unit of Warren Buffett's insurance and reinsurance firm, is opening a Dubai office with a number of new executive hires, as it looks to expand in the region. Berkshire Hathaway Specialty Insurance Company (BHSI) has now received its insurance license from the Dubai ... Read the full article

Alesco expands energy division with two new partners

30th January 2018

Alesco Risk Management Services (Alesco) has announced the appointment of two further partners within its growing energy division, Alison Schwab and Mark Smith. Schwab, who brings more than a decade of experience in energy casualty and a unique knowledge of the US retail market, began her new role on 22 January ... Read the full article

Victoria Phillips named as Canopius energy underwriter

22nd January 2018

Canopius, a subsidiary of Sompo Canopius, has announced the appointment of Victoria Phillips, who joins from Marsh in Singapore, as energy underwriter. In her new role she will continue to be based in Singapore, reporting to Geoff Tin, head of energy, and working closely with the London team. Mark Newman, head of ... Read the full article

Insurers warned they’re becoming less ‘relevant’ to UK power sector

16th November 2017

The UK power sector has warned London insurers they're losing relevance to their customers with overly complex products that fail to provide value for money. In a panel discussion at a recent Onshore Energy Conference in London, Gustavo Penas, Shell Vice President of Risk & Insurance, spoke of how the operating ... Read the full article

Alesco hires energy broker Bob Choppen from Willis

11th August 2017

Specialist broker Alesco Risk Management Services (Alesco) has hired Bob Choppen, previously the Deputy Managing Director of Energy at insurance and reinsurance broker Willis Towers Watson, to join its growing energy broking division. Choppen joins Alesco as an Executive Partner in October 2017, responsible for new business development in the energy ... Read the full article

Continued softening & expansion of terms in energy re/insurance

3rd August 2017

The energy insurance and reinsurance sector has witnessed continued softening of prices and expansion of terms and conditions at recent renewals, helping protection buyers to more positive dealings with risk transfer partners, according to JLT Group’s Lloyd & Partners unit. The offshore and onshore energy insurance market has softened rapidly, nearing ... Read the full article

Alesco builds out energy team with four senior hires

2nd August 2017

Insurance and risk management brokerage, Alesco Risk Management Services (Alesco), has expanded its energy market capabilities with a number of senior hires in its energy division. Recently with broker Willis, David Hallows joins the firm in August and brings more than 30 years of experience to Alesco, and has been named as ... Read the full article

Marine underwriters face growing challenges: IUMI

13th April 2017

The International Union of Marine Insurance (IUMI) said marine insurers last year faced growing challenges as energy claims rose against a reducing premium base and cargo accumulation risk and the frequency of major vessel casualties continued to increase. Donald Harrell, Chairman of IUMI’s Facts & Figures committee, commented that marine risks continue ... Read the full article

Energy market continuing to soften: Willis

12th April 2017

The energy insurance and reinsurance market is continuing to soften, as the effects of high competition levels and excess re/insurance capacity are felt acutely in the sector, according to Willis Towers Watson (WTW). WTW's latest report on the energy market suggests that the challenges the sector is beset by ... Read the full article

PCS launches Global Marine & Energy loss data services

5th April 2017

Property Claims Services, a Verisk Analytics business, has for the first time ventured away from the property-catastrophe sector as it kicks-off its Global Marine and Energy loss aggregation solution services. The PCS Global Marine and Energy risk model index is set to provide industry loss estimates for ocean marine and offshore energy events ... Read the full article