Ascot Underwriting and Chaucer have formed a renewable energy consortium in a bid to meet the growing demand of the industry.
The consortium, Renewco Consortium, is jointly led by Ascot and Chaucer and managed by Ascot. Skuld is the third consortium partner.
Initially focused on utility scale onshore wind and Solar PV installations and with a capacity of up to $165 million per risk, the consortium is an alternative to the large non-Lloyd’s insurers and broker-affiliated facilities.
“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. 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,” said Andrew Brooks, chief executive officer of Ascot.