Ascot Underwriting and Inter Hannover, a provider of underwriting service and subsidiary of Hannover Re, have created a new dedicated technical underwriting platform for the power and utilities industry.
Ascot said that the new alliance will write insurance and facultative reinsurance and will have underwriting capacities for power insurance, with a capacity of deploying up to a specific limit of $150m on any one risk.
Accoding to the Ascot, the alliance will use the Sciemus developed PowerRAT system risk analysis model that quantifies risks associated with operational power. The model was developed in partnership with QinetiQ and contains the reliability dataset through a partnership with Strategic Power Systems.
The Inter Hannover – Ascot Power Alliance (to be known as the Sciemus Power Alliance) will offer flexible and tailored solutions to clients and brokers, said Ascot.
Ullrich Wallin, chairman of Hannover Re, said: We are delighted to be working with Ascot and Sciemus. Combining Inter Hannover’s first class underwriting capital, fully backed by Hannover Re, with Ascot’s additional quality capacity, underwriting strength and global reach will develop a market leading product for this sector that will certainly attract new business to the London marketplace.
Andre Finn, CEO of Sciemus, said: The combination of Inter Hannover, Ascot and Sciemus provides unparalleled skills working together to deliver a world class service in the sector.