China Re Corporation (“China Re”) today announces the launch of a renewable energy consortium at Lloyd’s, focused on project specific reinsurance for the construction and operation of offshore wind farms in mainland China. China Re’s Syndicate 2088 manages and co-leads the consortium along with Canopius Syndicate 4444 and Travelers Syndicate 5000; it is also supported by Chaucer Syndicate 1084, a member of the China Re Group, Axis Syndicate 1686 and GCube Underwriting Limited.
The consortium covers construction all risks (CAR), erection all risks (EAR) and third-party liability (TPL) and can provide capacity of up to USD 225M per risk.
The offshore sector in China has benefited in recent years from a commitment by President Xi Jinping to provide USD 360bn to renewable power development by 2020. This is intended to improve health and reduce CO2 emissions which, according to the International Renewable Energy Agency, will provide savings of more than USD 55bn a year to the Chinese economy.
Janet Helson, CEO of China Re Underwriting Agency 2088, said, “We are tremendously proud to be launching this consortium. 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.”
Oliver Litterick, renewable energy underwriter at China Re Syndicate 2088, added: “China is investing heavily in renewable energy so there is a compelling opportunity for Lloyd’s to be involved. 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.”