SCOR partnered with Acrisure Re to build the consortium with the aim of supporting sustainability goals and assist clients in navigating the energy transition. With a focus on decarbonisation efforts, SCOR aims to contribute to the growth of offshore renewable energy projects while meeting the evolving needs of its clients.

The move comes amid a significant increase in investment in offshore renewable energy, with a strong pipeline of projects indicating sustained demand for insurance solutions in the sector. 

SCOR’s initiative positions it as a key player in the insurance market for offshore renewable energy, leveraging its technical knowledge and regional expertise to meet the industry’s growing demands.

Speaking about the move, 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, CUO and active underwriter of SCOR Syndicate and SCOR UK, also commented: “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.”

Author: Joanna England