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Challenging loss activity for battery storage projects has led to a capacity contraction in the sub-sector.
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It is understood that the account includes oil platforms, crude barrels and 12 vessels, and is one of the largest accounts in the South American country.
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Competition for business is leading to a rollback in exclusions written into contracts following major loss activity.
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Clients face under-insurance for BI if their coverage is not adjusted to reflect energy price rises.
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The product will provide construction all risk and operational all risk coverage, backed by AI-powered data and analytics.
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The hires come amid a personnel expansion at Lockton, which brought in 1,200 new staff last year.
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The Peruvian government is suing Spanish oil company Repsol over the January incident which affected 700,000 residents.
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Marine and energy-focused MGA Thomas Miller Specialty has partnered with Send Technology Solutions to streamline and automate its operations using the InsurTech’s software.
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Plus the latest company results, people moves and all the top news of the week.
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The scale of the claim deals a substantial blow to the subsection of the energy market, but is not as large as first feared.
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The broker said there was “genuine pressure” for downstream rate reductions, whilst renewable rate rises were single digit.
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The carrier launched a dedicated renewable power offering at the start of 2022, led by Lyndsey Picton.