lloyd’s insurer Ascot Underwriting Ltd. announced that it has formed the Strategic Power Consortium, which it described as a “dedicated technical underwriting vehicle for the power and utilities industry.” It began writing business as of January first.
Together Ascot, Brit Insurance, QBE and Sciemus will write insurance and facultative reinsurance with “one of the largest underwriting capacities for power insurance, capable of deploying up to a specific limit of $100 million on any one risk.”
The Strategic Power Consortium will use the Sciemus developed PowerRAT system, “a risk analysis model that quantifies risks associated with operational power, to assist in offering flexible and tailored solutions to clients and brokers,” the bulletin explained. The model was developed in partnership with QinetiQ and contains the largest normalized reliability dataset in the world through a partnership with Strategic Power Systems.
Ascot’s CEO Andrew Brooks commented: “We are looking to becoming a true market leader in this sector, combining first class capital with commercial underwriting, world-class engineering analytics and unparalleled service standards.”
Sciemus Limited CEO Andre Finn added: “The combination of Ascot, Brit Insurance, QBE and Sciemus provides unparalleled skills working together to deliver a world class service in the sector.”
Ash Bathia, QBE’s Chief Underwriting Officer, Property, Casualty and Motor for its European Operations, described the coverage as an “exciting new product in the market,” which would provide “a highly risk engineered and bespoke solution to premier power utilities, and we are delighted to be part of this initiative.”
Source: Ascot Underwriting
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