Sompo Canopius AG (“Canopius”) today announces that it has launched a new drilling well sidetrack (DWST) product.
A unique new product that responds to the specific needs of upstream energy clients, DWST provides cover for a range of potentially very expensive critical well scenarios that are not covered under standard well control policies. The main focus is mitigating well cost escalation that occurs if a sidetrack is needed for a well to be drilled to its target bottom hole due to an unforeseen event.
This product has already seen significant initial interest from the oil and gas industry, which is dealing with ongoing challenging commodity prices. The sector is therefore keenly focused on the economics of some exploratory drilling prospects, which are commercially high risk in any case. In such difficult conditions, a cost overrun becomes even more punitive and the aim of DWST is to provide risk transfer for unbudgeted expenses that might result from a range of unforeseen circumstances.
Steve Warren, group head of energy & engineering said: “With the engineering expertise of Francis Lobo, head of upstream oil & gas engineering, we have created a specific, clearly worded product that provides security and clarity of cover. DWST helps to increase certainty in our clients’ financial planning and ensure the robustness of well and project economics. We are hugely encouraged by the interest that is already being shown by clients and brokers, and very pleased that we can work in partnership to help them manage their risk in this way.”
For further information please contact:
+44 20 3750 2815
David Haggie / Richard Adams,
+44 20 7562 4444
About Sompo Canopius AG (“Canopius”)
1. 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); a US surplus lines insurer, Canopius US Insurance, Inc.; and a Zurich-based reinsurance company, Sompo Japan Canopius Reinsurance AG.
2. Canopius offers the following specialist lines:
· Direct and facultative commercial property
· North American excess and surplus lines binding authorities, including commercial property, SME commercial package, casualty, homeowners, auto
Marine, Energy & Engineering
· Marine insurance, including cargo, liability, property, specie, niche hull and space
· Energy insurance, including property, liability, OEE/COW, construction, renewable
· Construction and engineering
· Heavy Industry
· Casualty, international general liability, professional indemnity, and financial institutions
· International accident & health
· International medical expenses
· Household and specialist property / niche personal lines
· Commercial combined for the SME sector
· Specialist Consumer Products including warranty, creditor, mortgage indemnity and accident & health
· Property treaty
· Casualty treaty
· Marine treaty
· Agriculture treaty
For more information, visit www.sompocanopius.com