9 February 2015 Insurance

Northcourt launches nuclear liability insurance facility

Lloyd’s managing general agent (MGA) Northcourt has launched a new nuclear liability insurance facility bringing additional capacity to the nuclear insurance market.

Northcourt’s new facility will initially offer capacity of up to $100 million, with increases expected towards the end of 2015.

The MGA said that unlike traditional nuclear insurance pools, which are territory-based, the facility can place nuclear insurance programmes globally through a panel of leading Lloyd’s syndicates and company markets, all of which have a security rating of ‘A’ or above. The panel is led by Tokio Marine Kiln.

Alan Rickett, chief executive officer of Northcourt, said: “Northcourt’s nuclear liability binder is a timely response to growing demand for higher nuclear liability limits. This is particularly the case given the amendments to the international nuclear conventions which mean that nuclear liability limits will increase substantially for most nuclear sites in Europe and around the world.”

Sam Wylie, liability underwriter at Tokio Marine Kiln in London, said: “As nuclear liability limits start to increase across the globe, so will the demand for insurance coverage. We are pleased to demonstrate our flexibility in delivering innovative products through leading this new facility, supported by a panel of leading market insurers, to bring much needed additional capacity to the nuclear industry insurance sector.”

Matt Lightowler, vice president of GC Fac at Guy Carpenter, who will manage Northcourt’s insurance market placements, added: “The growth of nuclear energy cannot be underestimated. Over 60 new nuclear reactors are currently being built globally, with over 180 in the pipeline. Nuclear power is regarded by many as the solution to the world’s energy problems and the insurance industry has a critical role to play in supporting the ongoing development and expansion of this sector.”

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