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The broker has worked for Marsh and JLT during his 25 years in energy insurance.
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The claim will add pressure to an already stressed downstream market facing resurgent loss activity.
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Chaucer CEO John Fowle also set out to Insurance Insider the rationale for the carrier’s new ESG scorecard comprising 158 data points.
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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 broker’s sustained hiring has driven it to hit revenues of £250mn in 2022.
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Simon Lazarus, Andrew Vertigan and Oleg Grigorovich were part of the international team in Miller’s upstream business.
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The conflict has prompted a potential mismatch between insurer and client transition speeds.
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There has recently been a string of major claims in the downstream market, making underwriters question rating trajectory.
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The carrier has merged its marine and energy units as it looks to improve service and achieve growth.
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Steven Farr has worked at Axa XL since 2007, then the Catlin business, holding a string of increasingly senior energy underwriting positions.
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Overcapacity in upstream energy means the immediate impact of the move will be limited.
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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.