Energy
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Building electrical capacity quickly requires carriers to do due diligence on who’s behind the new power plants. -
Longbrook Insurance will write multiple lines of business.
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It is understood that the MGA wants to start with renewable energy and transactional liability.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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The state’s AG said the case threatens continued offshore oil and gas operations.
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The subsidiary will offer primary and excess liability.
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JH Blades, Southern Marine and Energy Technical Underwriters will merge to form the new brand.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Appointments include leadership in transportation, energy, marine and others.
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The NFP acquisition was a “tailwind for organic growth, not a key driver”, said CFO Edmund Reese.
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Staff targeted include producers that channel business through Howden’s London wholesale arm.
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The executive has spent 13 years in the broker’s marine division.
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Renewable energy premium written in London and international markets amounts to $2bn.
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It is the second deliverable of the FIT Transition Plan Project.
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The carrier laid out its business mix for the newly launched reinsurance syndicate.
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Competition for specialty reinsurance talent remains high.
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Robin Hamilton has been appointed head of energy and marine liability.
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The MGA secured backing from buyout heavyweight KKR in March 2021.
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The report aims to plug the gap in insurance-specific guidance.
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The promoted employees have all been with BHSI’s Singapore offices for years.
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Severe convective storms, wildfires and hurricanes increasingly moving inland are top concerns for the industry.
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The downstream market is also starting to soften after a “massive influx” of premium income.
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The broker said achieving profitability “remains challenging” for insurers.
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The all-items CPI increased 3% year-over-year, down from 3.3% in May.
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The lineslip will focus on coverage for the energy transition space.
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Mizell will be based in IMA’s Houston office, its fastest-growing regional division.
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The CEO said companies are still taking charges on years 2013 to 2019.
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WTW predicted that ‘meaningful softening’ could creep into energy markets during the year.
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Increased reinsurance retentions left some insurers with their worst net results in a decade.
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Graham Knight will become chairman of natural resources.
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The companies originally established the capacity agreement in January 2023.
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The facility will target operators across the US, onshore and offshore.
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It will begin underwriting from April 2024.
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The business will be led by Alex Kirkby, new head of marine and energy.
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The appointment comes two weeks after this publication revealed that the executive had resigned from Lockton to join the rival broker.
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The broker said it anticipated new entrants in the downstream class following a profitable 2023.
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The alternative energy warranty captive solutions will be available throughout the United States and Canada.
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The pair will be responsible for managing underwriting activity across their respective lines.
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate.
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Human rights groups have issued a complaint to a US mediation body alleging that Marsh has violated OECD guidelines for corporate standards.
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The book of business was performing poorly, and was exposed to major claims from the 2021 Huntington Beach oil spill in California.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The settlement is welcome news for the loss-hit downstream market, where there were fears of a claim as high as $1.3bn.
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Former renewables head Hamish Roberts has moved to work as growth leader for the broker in the UK and Ireland.
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The broker warned that more insurers will restrict or drop oil and gas business in the coming years.
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The hail which hit Texas in early summer 2022 alone resulted in solar losses estimated to exceed $300mn.
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The carrier will no longer invest or insure contracts and projects directly relating to new oil and gas fields, new midstream oil infrastructure and new oil-fired power plants.
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Loss activity is escalating in the class of business, leading underwriters to question rate softening.
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The carrier said geopolitical factors had given “new urgency” to the green transition.
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The broker said the fallout from the Russia-Ukraine conflict was increasing competition for business.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The managing director is the latest in a series of hires at WTW’s natural resources division.
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The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.
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An abundance of capacity is leading to price reductions in the downstream sector.
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Debenport joins the energy practice within NFP's specialty business.
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The platform will be launched with the support of listed energy company NextEra, with paper provided by its captive Palms Insurance.
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Challenging loss activity for battery storage projects has led to a capacity contraction in the sub-sector.
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It is understood that the account includes oil platforms, crude barrels and 12 vessels, and is one of the largest accounts in the South American country.
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Clients face under-insurance for BI if their coverage is not adjusted to reflect energy price rises.
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The Peruvian government is suing Spanish oil company Repsol over the January incident which affected 700,000 residents.
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Helmed by former Aon global energy chief Bill Farnan, the Houston-based company sees AN opportunity as public companies lean away from oil and gas.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The scale of the claim deals a substantial blow to the subsection of the energy market, but is not as large as first feared.
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The broker said there was “genuine pressure” for downstream rate reductions, whilst renewable rate rises were single digit.
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Dunbar’s appointment will enable the company to further enhance its exceptional client service and spearhead new business initiatives.
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The CPI rose 1.2% in March from a month earlier, the Labor Department said Tuesday, accelerating from February’s 0.8%.
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Large energy property damage losses in 2020-21 saw a significant reduction, accounting for a total of $500mn across the two years.
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The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models.
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The intermediary said capacity for downstream energy has now returned to 2017 levels.
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The potential for major deterioration on a 2019 loss could yet prove “devastating” for the market.
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The more important driver of past downswings in loss costs has been unemployment.
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Prices in February rose at a 7.9% annual pace, a 40-year high, accelerating as the effects of the Ukraine-Russia conflict intensified and concerns over global energy disruptions grew.
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Founded by Ryan Specialty, the underwriter can now write limits of up to $400mn per project.
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Based in Toronto, Zhou and Lui report to Jennifer Arezes, head of property, construction and energy in Canada.
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The broker said terms and pricing were not significantly impacted by new capacity from oil and gas players.
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In the upstream market, benign conditions are expected in 2022 as commodity prices increase.
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The broker said the last three years of hardening had led to a “substantial technical correction”.
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If rising prices are not addressed in insurance policies, gaps could leave energy sector players uninsured as asset values exceed insurance limits.
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The energy market is being watched closely due to its potential to produce large risk losses.
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Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.
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Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
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The hire previously worked for BMS and Price Forbes.
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Rose will be based out of Dallas, and he comes on board to expand MGA capabilities within power and energy.
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Covid concerns are still high, while natural catastrophe concerns and capacity reduction are driving premium increases.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
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Oliver Brown, Penny Wang, James Emson and Jack Erritt form the team.
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Even as oil and gas regains strength post-pandemic, renewable companies are entering the market en masse, according to the broker.
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The Insure Our Future network is due to hold “physical and digital actions” in Japan, South Korea, the UK and the US.
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The hires follow the appointment of Beecher Carlson’s Eric Lynch as president of natural resources last month.
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Erin Lynch and Sara Kane worked at the Brown & Brown subsidiary for around 18 years, cumulatively.
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Helen Tarr is now a director at Global Special Risks.
