Energy
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Losses in the wider casualty market are affecting relatively loss-free pockets of the energy sector. -
The broker said a significant loss could trigger a drop in capacity, which is at an all-time high.
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Rates increases of 25 percent and far higher are set to accelerate in the coming year.
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Karey Vaught has joined Alliant as an executive vice president, serving US energy and marine clients.
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Underwriters expect to book increases of 2.5 percent as capacity still abounds in the sector.
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The senior underwriter said uncertainty over state tax breaks had contributed to an uptick in claims.
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The pull-back comes amid a repositioning of energy at Liberty’s Global Risk Solutions (GRS) operation.
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The Bermuda carrier will also curb investments in fossil fuel-exposed companies.
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Remote controls will soon allow insurers to access immense datasets about high-value assets, according to panellists at a conference.
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A panel of upstream energy experts at the Energy Insurance London conference nevertheless see opportunities from the transition to renewables.
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The withdrawals are part of ongoing efforts to redeploy capital away from underperforming lines of business.
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Matt Lucas joins as managing director of business development, while Dvorit Mausner will be director of execution.
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