Reinsurer SCOR has launched a new offshore renewable energy consortium, increasing its total deployable capacity to over $180m, effective immediately.
SCOR partnered with Acrisure Re to build the consortium.
With its technical knowledge, regional expertise, and in-depth understanding of clients’ needs, SCOR said it is “well placed to further consolidate its leading position in terms of providing insurance solutions to the offshore renewable energy industry”.
The consortium is indicative of SCOR’s long-term commitment to “achieving sustainability goals and providing the solutions required to help its clients navigate the energy transition, while supporting communities and governments in decarbonising their economies”.
Investment in offshore renewable energy has increased sharply, with a strong pipeline of new projects signalling continued growth in demand into the foreseeable future.
Oliver Paine, offshore global segment leader, said: “Offshore renewable projects will play a key role in global efforts to provide clean, affordable and reliable energy and it is crucial that our industry steps up to facilitate such progress.
“This consortium represents the dedication of the Lloyd’s market to collaborate and supply much needed lead capacity to a growing market.”
Marie Biggas, active underwriter of SCOR Syndicate and SCOR UK, said: “Sustainability is at the core of our business strategy.
“It’s through the combination of creativity and technical expertise that we continue to be a leader in this space in order to support our partners in meeting their ESG ambitions.
“It truly is a testament to the reputation and vision of Ollie and his team that this consortium has come to fruition.”
Rebekah Clement, corporate affairs director, Lloyd’s, said: “This consortium is a great example of how Lloyd’s is collaborating to insure the transition – combining the expertise, foresight and innovation our market is known for to protect the investments and progress being made to build a more sustainable future.”