AXIS Capital Forms Renewable Energy Insurance Team

February 12, 2010

Bermuda-based AXIS Capital Holdings Limited announced the formation of a renewable energy team within its AXIS Insurance business. The team is based in London, and will “insure and assess risks for renewable energy producers and distributors, including: wind turbines, biofuel plants, solar energy systems, hydroelectric power generators and other renewable energy operations,” said the bulletin.

AXIS Insurance also “expects to further develop core commercial insurance products and services geared toward customers that operate within this sector.”

Matthew Melville will join AXIS Insurance as Senior Vice President to lead the newly formed renewable energy team. He was most recently Chief Underwriting Officer of GCube Underwriting Limited, a specialist insurance underwriting agency in the renewable energy market. Richard Carroll will also join AXIS Insurance as Vice President from GCube where he was Business Development Manager.

“AXIS Insurance has served the energy sector consistently since its inception, and as the marketplace has become more environmentally conscious, we have broadened our expertise to meet its emerging insurance needs,” noted Jack Gressier, chairman of AXIS Insurance.

“Our new team’s knowledge of and experience in the rapidly developing renewable energy sector ensures that AXIS Insurance will continue to engage its clients with the highest level of expertise. With this deep understanding of the market and AXIS Capital’s financial strength, we are well-positioned to provide value and service to a growing market,” he added.

AXIS Capital Chairman Michael Butt said the Group viewed the formation of the energy unit as a “growing business opportunity, as well as a social responsibility, to use our expertise to help reduce carbon emissions and to assist in the development of viable alternatives.”

Source: AXIS Capital – www.axiscapital.com

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