SCOR launches offshore renewable energy consortium

SCOR launches offshore renewable energy consortium | Insurance Business Australia

Reinsurance

SCOR launches offshore renewable energy consortium

Collaborative effort received praise from Lloyd’s

Reinsurance

By
Jonalyn Cueto

SCOR has launched a new offshore renewable energy consortium, increasing its deployable capacity to over US$180 million.

According to a Press release, the new consortium, built in partnership with Acrisure Re, indicates its commitment to providing the solutions required to help clients in navigating the energy transition and, at the same, in supporting community and government efforts in decarbonizing economies. Investment in offshore renewable energy has surged, with a strong pipeline of new projects signaling continuous increase in demand.

“Offshore renewable projects will serve as pivotal contributors to global endeavors aimed at furnishing clean, affordable, and dependable energy. It is imperative for our industry to intensify efforts in facilitating such advancements. This consortium epitomizes Lloyd’s market’s commitment to collaboration and provision of vital lead capacity to an expanding market,” said Oliver Paine (pictured), offshore global segment leader at SCOR.

Marie Biggas, chief underwriting officer and active underwriter of SCOR Syndicate and SCOR UK, agreed.

“Sustainability is at the core of our business strategy,” she said. “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, praised the new consortium.

“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,” she said.