CAC partners with VDE Americas to deploy nat cat risk model for solar projects
CAC Specialty’s natural resources team will partner with VDE Americas to deploy a natural catastrophe model that analyzes the risks facing solar projects, the company said.
The insurance brokerage said VDE’s proprietary weather analytics, paired with CAC’s natural resources insurance and risk assessment expertise, provides a comprehensive analysis of project risks that is “unavailable elsewhere in the market”.
VDE Americas is a subsidiary of German-based technology company VDE. It aims to advance the deployment of clean energy products that are financeable and insurable by offering technical due diligence and engineering adviser services, as well as neutral third-party product certification and testing.
CAC said that the partnership demonstrates both CAC’s and VDE’s commitment VDE to providing innovative solutions to nat cat risk challenges facing the deployment of renewable energy projects
“We look forward to partnering with VDE Americas to provide groundbreaking technology for the insurance industry,” said Sara Kane, CAC executive vice president and power and renewables co-leader.
“Renewable energy projects are becoming more and more important, but it is critical to make sure that an in-depth analysis of risks is conducted ahead of time, and this partnership will allow us to do so,” she continued.
VDE Americas president John Sedgwick said: “The team at CAC is leading the way for effective insurance solutions to enable the explosive growth of the renewable energy space.
“We are pleased to partner with CAC to deploy our proprietary hail risk tools and engineering consulting to provide a bottoms-up, science and engineering-based approach to insurance pricing and terms for renewable energy assets.”
The industry is “experiencing rapid deployment in geographic regions with substantial CAT weather risk,” Sedgwick added.
“The CAC/VDE combined effort will help enable the exponential growth in investment projected for our industry.”
CAC Specialty recently doubled the size of its transactional liability practice with the addition of five new members, including Hamilton Insurance’s Alex Luxenburg as a senior vice president and Jessie Friend, Shai Silverman and Jessica Kirk as vice presidents for transactional risk, contingent risk and tax insurance, respectively.
In July, the company hired Bill Chappell as executive vice president of its natural resources division.
Chappell joined CAC a few months after the company added to its natural resources division with quartet of new hires from Marsh.