Energy companies to obtain capacity of up to $100 million from multiple insurance companies
Energi Holdings, a provider of specialty risk management solutions including insurance and reinsurance, is to structure a division to underwrite Excess Casualty business for the energy industry. The new unit would have relationships with several insurance companies that have interest in writing Excess Casualty Limits.
Energi facilities are expected to provide the ability for energy companies, to obtain capacity from multiple insurance companies of up to $100 million. Energi would offer excess cover for segments like Fuel Distribution, Cooperatives, Energy Construction, Renewable Energy, Energy Products Manufacturers, Exploration & Production, and Utilities.
In addition, Energi has also finalised a preferred relationship to underwrite excess business with an AM Best insurance company for fuel distribution and energy construction companies, that implement Industry Best Practices.
As part of the program, Energi would provide policyholder access to certain aspects of its SafetyPLUS Program. This is expected to offer value addition to energy companies seeking to minimiSe risk exposure.
Brian McCarthy, CEO of Energi Holdings, said: Energi’s expansion into the excess business is a natural progression for the company due to its extensive investment in R&D for underwriting energy companies.