Lloyd’s Ascot Underwriting, which operates Syndicate 1414 and is backed by AIG, announced the establishment of its new renewable energy operation, Renewco Underwriting. Ascot described Renewco as the “first Lloyd’s based underwriting operation specifically dedicated to the full range of the renewable energy industry worldwide.”
Renewco will draw on Ascot’s existing experience “to bring a fresh, entrepreneurial approach to renewable energy,” said the bulletin. The new venture will “be led by a dedicated Chief Executive and will be staffed by a new team of underwriters with in-depth industry knowledge and expertise.”
From its London base Renewco “will offer onshore and offshore coverage for power generation facilities in the solar, wave, tidal, wind, biomass, geothermal and small hydroelectric fields against risks during shipment to installation to operating. From September Renewco will provide significant global capacity across a broad range of exposures,” the announcement continued.
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Ascot’s CEO Martin Reith described Renewco as addressing “the unique challenges facing the renewable energy industry.” Ascot’s experience in other fields will be drawn upon to support the “fledgling renewable energy initiatives as well as those already well established and growing in importance,” he continued. “We will offer our clients a one-stop shop to satisfy all of their increasing insurance requirements”
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