The Insurer - More capacity is poised to enter the renewable energy insurance market in 2025 as carriers look to gain a greater share of the expanding industry, with clients set to benefit from lower deductibles and broader terms alongside reduced rates, according to Nardac Insurance Services.
Energy
Axa XL has hired longtime Liberty Mutual executive Jon Tellekamp as chief underwriting officer for construction and energy to lead the combined segments’ underwriting and risk engineering teams, The Insurer can reveal.
Energy-focused start-up MGA Volt Underwriting has signed a new $37.5mn binding authority for US and international onshore power and renewable energy risks, marking a 50 percent capacity increase for 2025.
Crescent Specialty has secured Lloyd’s coverholder status after the marine and energy-focused MGA was sponsored by capacity provider Canopius Group.
Aon-owned NFP has acquired Midland, Texas-based benefits and P&C broker Capstone Strategies.
The Hartford has hired former Liberty Specialty Markets (LSM) head Tom Clifton as international head of power and renewables to launch the new product line.
Aviva, Axis and Munich Re are the only major (re)insurers that write more direct premiums for renewable energy than fossil fuel infrastructure, according to a new report by Insure Our Future, which slammed industry-wide underwriting of fossil fuels as “economically dubious”.
Miller has named Elizabeth McGonagle as its head of power for the Asia Pacific region.
BMS has bolstered its energy practice with a trio of London-based appointments.
The increasing prominence of wind and solar power is exposing energy companies to more weather-related risks, which they are looking to transfer.
Geopolitical competition and growing global demand for lower-carbon technologies is likely to result in supply chain disruptions for lithium-ion batteries in the coming years, QBE Asia has warned, with rapid manufacturing developments likely outpacing regulations.
Marsh has retained its bench strength lead in energy in the 2024 London’s Leading Brokers report, accounting for three of the top five individual shortlisted brokers.
Price Forbes’ CEO for energy, transportation, and specie Andrew Draycott is set to exit his role, The Insurer understands.
Volante Global has confirmed the launch of its casualty/marine and energy treaty-focused platform Volante Re, with Suart Dale and David Martin appointed to lead.
Insurance buyers in the oil and gas industry are feeling the effects of a “mixed bag of market conditions and geopolitical shifts” in the fourth quarter, according to Risk Placement Services (RPS).
