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Lloyd’s of London company Ascot Underwriting Ltd. has joined Chaucer P.L.C. and Assuranceforeningen Skuld to form the Renewco Consortium, an underwriting platform for the renewable energy industry.
The consortium, to be led by Ascot and managed by Chaucer, will provide capacity of up to $165 million, Ascot said Thursday in a statement.
The consortium will focus initially on utility-scale onshore wind and solar PV installations, or power systems, according to the statement.
“As the renewable energy market continues to grow and evolve, there is increasing demand from our brokers and clients for efficient access to specialist Lloyd’s capacity,” Ascot CEO Andrew Brooks said in the statement. “By creating a consortium with like-minded first-class capital within Lloyd’s, we are generating more meaningful scale and market presence, supporting the expanding renewable energy sector.”
Pool Reinsurance Co. Ltd., the U.K. government-backed terrorism reinsurance backstop, Tuesday announced details of a series of modernization proposals that will take effect in October.