Reinsurance News
Energy reinsurance
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
Energy re/insurance market near a pricing cliff edge: JLT
4th April 2017
The energy insurance and reinsurance market continues to see prices decline, despite demand having dropped significantly as primary clients cut their costs and many underwriters operating at combined rations above 100%, according to broker JLT Group's Lloyd & Partners unit. The offshore and onshore energy insurance market has been beset with ... Read the full article
Ed brokers re/insurance for Iranian gas field projects
20th February 2017
Ed Broking, the London and global insurance and reinsurance brokerage, has completed the first arrangements in Iran that will see London market re/insurance capacity backing energy industry projects in the country since sanctions were in place. Since sanctions were eased in January it has now become possible for London market re/insurers ... Read the full article
Ironshore marshalling new capacity for energy middle-market risks
13th February 2017
Ironshore’s Specialty Casualty arm has expanded its energy coverage capacity with a new oil and gas facility, Ironshore Energy Solutions, to deliver capacity for U.S. on-shore middle market energy liability risks. The facility will provide capital to underwrite middle market sector risk on behalf of six consortium insurance companies and has put ... Read the full article
Sawyer named Head of Property at AEGIS London
9th January 2017
AEGIS London, the UK-based subsidiary of mutual energy insurance and reinsurance company AEGIS (Associated Electric & Gas Insurance Services Limited), has announced the appointment of Toby Sawyer as Head of Property. Sawyer takes over the Head of Property role at AEGIS London from Alex Powell who will remain Active Underwriter at ... Read the full article
Energy reinsurance cedents continue to improve renewals: JLT
5th January 2017
Ceding insurers in the energy insurance market have continued to make advances in improving their reinsurance program coverage at the recent January 2017 renewals, as the market remained one favoring buyers. "Chronic overcapacity" continues to affect the energy insurance and reinsurance market, according to the latest update from Lloyd & Partners, ... Read the full article
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