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.”
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Notes to editors
China Re ranks first in Asia and eighth globally by reinsurance premium income, with premium topping US$16 billion. China Re operates three principal business segments: property and casualty reinsurance, life and health reinsurance, and primary property and casualty insurance. It owns four international underwriting platforms, Chaucer, International Business Department in Beijing, China Re Syndicate 2088 at Lloyd’s and its Singapore Branch. China Re is currently rated “A (Excellent)” by A.M. Best and “A” by S&P Global Ratings. China Re is a state-owned financial enterprise controlled by Central Huijin and Ministry of Finance of China and is listed on the Hong Kong Stock Exchange (HK: 1508). In addition, China Re chairs the China Nuclear Insurance Pool, is the management office of China Agricultural Reinsurance Pool and a council member and lead reinsurer of China Residential Earthquake Insurance Pool.
Canopius AG (“Canopius”)
Canopius is a global specialty (re)insurer with underwriting operations in the UK, Netherlands, Switzerland, Bermuda, US and Singapore. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited) and a US surplus lines insurer, Canopius US Insurance, Inc. The group offers the following specialist lines: Property, Marine, Energy & Engineering, Specialty and Specialist Consumer Products.
For more information, visit www.canopius.com or follow @CanopiusGroup
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $30 billion in 2018.
For more information, visit travelers.com.