Energy

The scale of the claim deals a substantial blow to the subsection of the energy market, but is not as large as first feared.

The broker said there was “genuine pressure” for downstream rate reductions, whilst renewable rate rises were single digit.

Dunbar’s appointment will enable the company to further enhance its exceptional client service and spearhead new business initiatives.

The CPI rose 1.2% in March from a month earlier, the Labor Department said Tuesday, accelerating from February’s 0.8%.

Large energy property damage losses in 2020-21 saw a significant reduction, accounting for a total of $500mn across the two years.

The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models.

The intermediary said capacity for downstream energy has now returned to 2017 levels.

The potential for major deterioration on a 2019 loss could yet prove “devastating” for the market.

The more important driver of past downswings in loss costs has been unemployment.

Prices in February rose at a 7.9% annual pace, a 40-year high, accelerating as the effects of the Ukraine-Russia conflict intensified and concerns over global energy disruptions grew.

Founded by Ryan Specialty, the underwriter can now write limits of up to $400mn per project.

Based in Toronto, Zhou and Lui report to Jennifer Arezes, head of property, construction and energy in Canada.