NFP confirms hire of Marsh’s Vanegas for new specialty energy offeringNFP has confirmed the hire of Vilma Vanegas from Marsh to lead its newly minted specialty energy group, a move The Insurer first revealed in early February.
AM Best: Energy and infrastructure (re)insurers “most affected” by Russian sanctionsSanctions levied against Russia following its invasion of Ukraine may impact the ability of international (re)insurers to underwrite Russian risks or make it more difficult for them to service claims on existing policies, AM Best has said.
Aviva targets “top three” position in renewable energy marketAviva is targeting a “top three” position as a renewable energy insurer in the London market by the end of this year after its renewable energy insurance business grew to more than 150 percent of the size of the fossil fuel power generation book it exited in 2019.
Markel enters $75mn renewables reinsurance partnership with AegisMarkel International has entered into an agreement with Aegis – the North American energy industry’s mutual insurance company – to provide expanded reinsurance capacity for onshore renewable energy projects in the region.
Swiss Re CorSo eyes renewables and E&C growth with new appointmentsSwiss Re Corporate Solutions has set its sights on growing its book of renewable energy construction and in-operation business as well as building out its engineering and construction platform in the UK, handing Faris Nimri and Cedric Wong new roles to spearhead the expansions.
NFP targets US energy expansion with hire of Vanegas from Marsh WorthamNFP has recruited Houston, Texas-based Vilma Vanegas from Marsh Wortham as the fast-growing US broker sets its sights on building out its energy practice, The Insurer can reveal.
PES settles oil refinery explosion property claim with insurersA settlement has been reached in principle between PES Holdings and its insurers in a dispute over property damage from the 2019 explosion and fire at its refinery complex, a move that follows the business interruption claims being settled for $270mn last year.
Axa XL appoints Dalton as Americas energy property headAxa XL has looked internally to fill its vacant head of energy property, Americas role with senior underwriter Scott Dalton stepping up to replace Greg Joyce, who joined Zurich Canada last year.
WTW: “Perfect time to enter” rapidly growing renewables sectorRenewable energy rates will likely see low to mid-single digit increases in 2022 amid signs of a return to more healthy profits for carriers, according to broker WTW.
WTW names Marsh’s Gardner GB retail renewable energy & power leaderWTW has appointed former Marsh senior vice president Robert Gardner as GB retail industry leader for renewable energy and power within its risk and broking division.
Fidelis’ Pine Walk platform launches OPEnergy MGAFidelis’ MGA platform Pine Walk has launched its sixth underwriting cell, OpEnergy Limited, led by former Catlin, Zurich and Berkshire Hathaway underwriter Oliver Brown.
Renewable insurers shifting T&Cs to manage mounting cat lossesRenewable energy insurers are imposing higher deductibles and lower sub-limits on catastrophe-exposed programs as underwriters try to grapple mounting natural disaster losses, according to Nardac Insurance Services founding partner Peter Draper.
Aon energy veteran Jefferis to retire at year endLong-serving Aon energy head Bruce Jefferis is retiring from the business after 35 years at the broker and its predecessor firms, The Insurer has learned.
Lloyd’s Asia launches renewable energy consortium with Chaucer, Markel and Munich ReLloyd’s Asia has launched a new renewable energy consortium developed by Chaucer, Markel and Munich Re Syndicate Ltd with a maximum working capacity of $100mn per project.
Judge rules in PES’s favour in property damage part of oil refinery explosion claimA judge has granted summary judgement to PES Holdings in a ruling its lawyers said effectively secures a minimum of $93mn in additional insurance coverage for the property damage losses from a series of explosions at a Philadelphia refining complex in June 2019, a move that follows last month’s $270mn settlement of the business interruption (BI) claims.
Former MGA GCube hires trio as new owner Tokio Marine HCC consolidatesRenewable energy-focused GCube has bolstered its global underwriting team with a trio of hires from Marsh, Aon and Chubb as the business formalises its transition from an MGA to an underwriting division under new owner Tokio Marine HCC.
NextEra’s Palms build-out continues with Aspen, Axa XL and Tower Hill hiresNextEra Energy’s Palms Insurance Company has continued to build out its roster with two further hires from Aspen along with senior recruits from Tower Hill Insurance and Axa XL in recent months, The Insurer has learned.
WTW appoints Forand head of US power and utilities brokingWillis Towers Watson has filled its vacant head of US power and utilities role with Alex Forand who has joined the broker from Chubb, The Insurer has learned.
US wholesaler Synapse makes energy play with Graham hireExpansive US specialty wholesale broker Synapse Services has entered the energy insurance market following the hire of sector specialist Emris Graham.
Faraday enters energy market with hire of former LSM head PurseyLloyd’s insurer Faraday has appointed Richard Pursey to the newly created role of head of energy as the carrier enters the class of business, The Insurer can reveal.