Energy, infrastructure insurance broker launches

Nardac Risk and Insurance Services, a specialist broker focused on renewable energy, conventional power, infrastructure and transport, launched on Tuesday.

Senior staff at the Newport Beach, California-based broker include Jatin Sharma, who previously worked at GCube Insurance Services Inc., a managing general agent, former Lockton Cos. LLC broker Bill Kost and Brandon Statton from Bechtel.

Nardac will focus on the wholesale markets for traditional and renewable power generation owners and operators with assets valued in excess of $1 billion, and large complex infrastructure projects, including offshore wind developments, in Europe, the U.S. and Asia, the broker said in a statement Tuesday.

“Additional senior hires” are set to join the firm in 2021, the statement added.

“The COVID-19 pandemic has greatly exacerbated the urgent need for new solutions over the last six months,” Mr. Sharma said in the statement, adding infrastructure development required more support from insurers in terms of available coverages.

More insurance and risk management news on the coronavirus crisis here.