Ascot Underwriting Ltd. has formed Renewco Consortium (ReCo), a dedicated and independent underwriting platform for the renewable energy industry.
The Lloyd’s consortium is jointly led by Ascot and Chaucer and managed by Ascot; Skuld is the third consortium partner.
With capacity of up to US$165 million per risk, the consortium is an alternative to the large non-Lloyd’s insurers and broker-affiliated facilities, according to a statement from Ascot.
ReCo offers specialist lead capacity and comprehensive coverage with a wide geographic reach, focused initially on utility scale onshore wind and solar photovoltaic (PV) installations. The consortium is designed to give brokers and clients quick access to large scale capacity at Lloyd’s either with Ascot or Chaucer.
“As the renewable energy market continues to grow and evolve there is increasing demand from our brokers and clients for efficient access to specialist Lloyd’s capacity,” said Andrew Brooks, chief executive officer of Ascot Underwriting Ltd.
“By creating a consortium with like-minded first class capital within Lloyd’s, we are generating more meaningful scale and market presence, supporting the expanding renewable energy sector,” he added.
Source: Ascot Underwriting Ltd.
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