SCOR to lead offshore renewable energy consortium
Reinsurer SCOR has launched a new offshore renewable energy consortium, increasing its total deployable capacity to over $180 million. The consortium was developed in partnership with Acrisure Re.
SCOR said the consortium is part of its commitment to achieving sustainability goals and providing solutions that can help clients navigate the energy transition, while supporting communities and governments in decarbonising their economies.
Investment in offshore renewable energy has increased sharply, with a strong pipeline of new projects signaling continued growth in demand into the foreseeable future, the company believes.
Oliver Paine, offshore global segment leader, said: “Offshore renewable projects will play a key role in global efforts to provide clean, affordable and reliable energy and it is crucial that our industry steps up to facilitate such progress. This consortium represents the dedication of the Lloyd’s market to collaborate and supply much needed lead capacity to a growing market.”
Marie Biggas, CUO and active underwriter of SCOR Syndicate and SCOR UK, commented: “Sustainability is at the core of our business strategy. It’s through the combination of creativity and technical expertise that we continue to be a leader in this space in order to support our partners in meeting their ESG ambitions. It truly is a testament to the reputation and vision of Ollie and his team that this consortium has come to fruition.”
Rebekah Clement, corporate affairs director, Lloyd’s, said: “This consortium is a great example of how Lloyd’s is collaborating to insure the transition – combining the expertise, foresight and innovation our market is known for to protect the investments and progress being made to build a more sustainable future.”
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