London-based ACE Group is adding to its growing global portfolio by announcing last week that the company has started underwriting offshore and onshore energy risks through Syndicate 2488 at Lloyd’s of London.
The multi-line property and casualty insurer will write offshore risks on a global basis and write onshore risks on a global basis, excluding North America.
The initiative is part of ACE’s commitment to extend its presence in the energy sector, particularly in the oil and gas markets, notes a statement from the company. ACE’s global energy team writes business in North America, South America, Europe, Asia, the Middle East and Africa.
Adding the Lloyd’s platform “gives us access to new markets that can benefit from our underwriting skills and specialist engineering teams,” Matthew Shaw, president of ACE Global Markets and active underwriter for Syndicate 2488, says in the statement.
“A vast array of energy infrastructure projects have recently come to fruition,” notes Mairead Dawson, underwriting manager, global energy at ACE. “The sheer scale of the energy risks created, particularly in emerging markets in South America, Asia and West Africa, has brought a requirement for new expertise and capacity. Our robust underwriting platform and the strength of the global Lloyd’s franchise brings us the opportunity to lead and innovate in these carefully selected markets,” Dawson adds.