Reinsurance News
Energy reinsurance
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
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
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