Markel strikes renewables reinsurance partnership with AEGIS
Markel International, the specialist insurance subsidiary of Markel Corporation, has entered into an agreement with Associated Electric and Gas Insurance Services (AEGIS), a North American energy industry’s mutual insurance company, to provide expanded reinsurance capacity for onshore renewable energy projects in North America.
The deal will see Markel provide up to $75 million of its capacity behind AEGIS on renewable risks for their policyholders to offer enhanced solutions to mutual clients.
The reinsurance support provided by Markel will also allow AEGIS to offer over $400 million in capacity on renewable policies.
AEGIS provides property and casualty coverage to the energy industry. Its members include the entire energy and utility infrastructure of North America.
Tom Baker, head of renewable energy at Markel International, said: “We are delighted to work with a company of AEGIS’ reputation and standing, and to have the opportunity to work closely with their highly experienced renewable energy team.”
Thomas Cain, vice president and renewable energy product manager at AEGIS, added: “We are very happy to be working with Markel to increase our capacity offering at a time when our members are seeing accelerated growth in their renewable activities. Markel’s global presence and expertise in the renewable sector brings added value and shared insights on the renewable sector’s global trends.”
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