Energy
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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.