Energy

The book of business was performing poorly, and was exposed to major claims from the 2021 Huntington Beach oil spill in California.

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The settlement is welcome news for the loss-hit downstream market, where there were fears of a claim as high as $1.3bn.

Former renewables head Hamish Roberts has moved to work as growth leader for the broker in the UK and Ireland.

The broker warned that more insurers will restrict or drop oil and gas business in the coming years.

The hail which hit Texas in early summer 2022 alone resulted in solar losses estimated to exceed $300mn.

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.

Loss activity is escalating in the class of business, leading underwriters to question rate softening.

The carrier said geopolitical factors had given “new urgency” to the green transition.

The broker said the fallout from the Russia-Ukraine conflict was increasing competition for business.

The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.

The managing director is the latest in a series of hires at WTW’s natural resources division.