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China Re Corp. on Monday said it has launched a renewable energy consortium at Lloyd’s of London that focuses on project-specific reinsurance for the construction and operation of offshore wind farms in mainland China.
China Re’s syndicate 2088 will manage and co-lead the consortium with Canopius syndicate 4444 and Travelers syndicate 5000, China Re said in a statement, adding the consortium is also supported by Chaucer syndicate 1084, a member of the China Re Group, Axis syndicate 1686 and GCube Underwriting Ltd.
The consortium covers construction all risks, erection all risks and third-party liability, and can provide capacity of up to $225 million per risk, the statement said.
The Chinese government has committed to providing $360 billion to renewable power development by 2020, the statement said, spurring the sector.
“China is investing heavily in renewable energy, so there is a compelling opportunity for Lloyd’s to be involved,” Oliver Litterick, renewable energy underwriter at China Re syndicate 2088, said in the statement. “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.”
Germany-based Allianz S.E. and Bermuda-based climate-risk insurer Nephila Climate have completed the first wind-farm proxy-revenue-swap transaction in Australia to protect the stakeholders against risks such as uncertain energy production, Artemis.bm reports. The deal involves two related transactions to cover future price and volume risk for the Lal Lal wind farm project.