FM Global launches renewable energy unit
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FM Global said Tuesday it has formed a unit targeting renewable energy risk that will provide research and loss-prevention engineering services and, later this year, an insurance product for the sector.
FM Renewables will be a separate business unit, formed as a stock company owned by FM Global’s mutual policyholders, with a dedicated team, said Malcolm Roberts, president and CEO of Johnston, Rhode Island-based FM Global.
“We’ve put different capacities around it, different underwriting requirements, different risk appetite and different reinsurance treaties,” Mr. Roberts said.
The rapid growth of the renewable sector and its projected growth rate require a specialist approach, especially as the sector's insurance market develops, he said.
“The goal is that as the business matures and we start to understand the loss cost patterns more and the solutions, then a number of those clients will come across into the mutual and get all the benefits of that mutual ownership and membership credits, enhanced limits, etc.,” Mr. Roberts said.
The unit will be led by several longtime FM Global staff, including Jim O’Brien, division manager, Canada and specialty industries; Doug Patterson, head of renewable energy; Russell Jannetto, renewable energy client service leader; Chris Kosloski, renewable energy underwriting manager; and Cassian Walker, renewable energy engineering manager.
In addition, Michael Perron, a former senior managing director at Beecher Carlson, has joined FM Global as renewable energy market lead.
