China Re launches Lloyd’s renewable energy syndicateMarch 12 2019 by Andrew Tjaardstra
China Re has launched a renewable energy consortium at Lloyd’s focused on reinsurance for the construction and operation of offshore wind farms in China.
China Re’s Syndicate 2088 will manage and co-lead the consortium with Canopius Syndicate 4444 and Travelers Syndicate 5000. It will also be supported by Chaucer Syndicate 1084, a member of the China Re Group, Axis Syndicate 1686 and GCube Underwriting.
The consortium covers construction all risks, erection all risks and third-party liability, and can provide per risk capacity of up to US$225 million.
Janet Helson, chief executive of China Re Underwriting Agency 2088, commented: “It’s the first of its kind, enabling international involvement in the Chinese renewable energy market and a great example of the collaboration that exists between the London and Chinese markets.”
China Re plans to capitalise on a commitment by China’s president, Xi Jinping, to provide US$360 billion to renewable power development by 2020. The idea is to help meet environmental aims and help save the country money through cheaper energy and reduced pollution.
“China is investing heavily in renewable energy so there is a compelling opportunity for Lloyd’s to be involved,” said Oliver Litterick, renewable energy underwriter at China Re Syndicate 2088.
“This consortium will be able to access China Re’s domestic client base of offshore wind specialists to bring this new and diverse premium to the London market.”
If China’s renewable power development goes to plan it could provide savings of more than US$55 billion to the Chinese economy according to the International Renewable Energy Agency.
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