Reinsurance News
Upstream energy
Gallagher expands upstream energy team with three senior appointments
8th October 2024
Insurance and reinsurance broking group Gallagher has announced three senior appointments in its upstream energy division to support its expanding client base. Darren Jones has been named Executive Partner, bringing over 20 years of experience in energy broking. He joins from Miller, where he served as Upstream Energy Account Executive. Previously, ... Read the full article
Upstream energy market outlook ‘uncertain’ due to reinsurance costs: WTW
6th April 2023
According to a report from the global advisory, broking and solutions company, WTW, increased reinsurance costs and higher retention levels have resulted in a renewed hardening of upstream energy re/insurance market conditions. WTW Energy Market Review 2023 noted the reinsurance market renewal season has impacted the upstream portfolio in three ways: ... 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
Upstream energy market rates remain stable – Gallagher
27th June 2022
Upstream energy market rates have remained stable, according to a new report by Gallagher. Despite rate rises, buyers can expect different treatment depending on the type and scale of coverage required. Offshore portfolio pricing for large national and international oil companies is either flat or experiencing modest increases, but ... 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
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
Diminishing buyers’ market environment in upstream energy sector
8th April 2019
The impacts of the Lloyd's Performance Board restrictions are being felt in the upstream energy sector, with Lloyd & Partners noting a fading buyers' market environment driven by a decline in reinsurance capacity. Lloyd & Partners' April 2019 quarterly energy market newsletter highlights a shift from the buyers' market landscape as ... 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
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
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
Fidelis backs new Kersey MGA, increasing energy market capacity
21st September 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has taken an equity stake in Kersey Specialty Limited, a new Managing General Agent (MGA) with a focus on Upstream Energy subscription market insurance. The company will also provide underwriting capacity to Kersey, which will be managed through Fidelis’s subsidiary MGA platform, Pine ... 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
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