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Ace enters Lloyd’s energy market

Property and casualty underwriter Ace Group has started underwriting energy risks through its Lloyd’s of London Syndicate 2488.

The company says the initiative is part of an effort to expand its global portfolio and represents is commitment to boost its presence in the energy sector, especially in the oil and gas markets.

The company will write offshore risks on a global basis and also underwrite onshore risks on a global basis excluding North America.

Ace Global Markets president and active underwriter for Syndicate 2488, Matthew Shaw said that the addition of the Lloyd's platform enables the company to provide Lloyd's brokers with a comprehensive solution to clients with large, complex and multinational risks.

''It also gives us access to new markets that can benefit from our underwriting skills and specialist engineering teams,'' Mr Shaw said.

"A vast array of energy infrastructure projects have recently come to fruition,” said Mairead Dawson, underwriting manager, global energy, at Ace. “The sheer scale of the energy risks created, particularly in emerging markets in South America, Asia and West Africa, has brought a requirement for new expertise and capacity.”

The company's global energy team underwrites business in North America, South America, Europe, Asia, Africa and the Middle East.

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Published February 11, 2013 at 8:00 am (Updated February 10, 2013 at 3:32 pm)

Ace enters Lloyd’s energy market

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