June, 2007 – Royal & SunAlliance (“R&SA”) today launches a Global Renewable Energy division bringing together its leading team of experts from around the Group to provide global insurance solutions for the renewable energy market.
- The European Union has set targets for 20% of the EU’s total energy supply to come from renewables by 2020, up from 6.5% in 2006.
- Insurance market for Wind Energy expected to be worth over £1bn by 2015.
- R&SA first composite insurer to provide one-stop solutions for the Wind Energy industry.
R&SA has been a leader in the renewables sector for over 25 years providing solutions for Wind Energy, Solar, Hydro, Biomass and Waste to Energy businesses and projects. The new Global Renewable Energy offering is being launched to support each of these industries as they evolve, by providing a one-stop insurance solution for clients, backed by R&SA’s specialist market knowledge.
The Global Renewable Energy team will be headed by Ken Norgrove and brings together one of the largest teams of renewable energy insurance experts in the world, combining their specific industry and local market knowledge across R&SA’s global network.
Ken Norgrove, CEO of Global Renewable Energy at R&SA, commented: “The renewable energy sector is increasingly attracting serious investment as Governments around the world set stretching targets to combat greenhouse gas emissions. This has cemented the importance of renewable energy as a viable source of the world’s power. R&SA is expanding its regional capability and specialist local market knowledge to create a unique global insurance offering for the renewable energy sector.”
Customers will have access to:
- Worldwide network of over 130 countries where R&SA offers insurance solutions
- Energy underwriting specialists and loss prevention and control engineers in regional centres of excellence
- Cover for every stage of a project, from development and planning, to site testing and construction, through to on-going operation.
Wind Energy is the first product being launched through the new unit. R&SA has over 25 years specific wind energy experience and provides cover for a broad range of clients including manufacturers, developers, contractors, operators and finance companies. The Company is one of the few insurers to offer both On-Shore and Off-Shore cover and is the largest insurer of wind turbines in Scandinavia as well as having the fastest growing wind energy insurance offering in the Canadian market.
Ken Norgrove, added: “We have expanded our regional renewable energy capability in direct response to a growing demand for global solutions. Wind Energy is leading the way in terms of capacity and rate of growth, so we are focusing on the global wind market initially and will then replicate our global offer in other renewable markets where we already have strong presence and regional expertise such as solar, waste to energy, biomass and hydro.”
Ken Norgrove – CEO of Global Renewable Energy, Royal & SunAlliance
Prior to taking up his role as CEO of Group Renewable Energy, Ken developed a breadth of experience in Royal & SunAlliance’s Irish operation, holding a variety of directorial positions across the sales, underwriting, reinsurance and claims functions. Ken has been with the group for 21 years and also sits on the board of newly acquired Europa General Insurance Company in Northern Ireland.
Royal & SunAlliance is one of the world’s leading multinational quoted insurance groups, with the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, the Middle East and Latin America. Focusing on general insurance, it has around 24,000 employees and, in 2006, its net written premiums were £5.5bn. With an almost 300 year heritage Royal & SunAlliance is the oldest insurance company in the world still trading under its original name.Tags: Capgemini, Efma, InsurTech, World Insurance Report