China Re has introduced a renewable energy consortium at London-based specialist insurance marketplace Lloyd’s for offshore wind farms in China
The consortium is managed by China Re’s Syndicate 2088 and co-led by Canopius Syndicate 4444 and Travelers Syndicate 5000.
It will also be supported by Chaucer Syndicate 1084, a member of the China Re Group, Axis Syndicate 1686 and GCube Underwriting.
Reinsuring the construction and operation of offshore wind farms in China, the consortium will provide coverage for construction all risks, erection all risks, and third-party liability. It can offer capacity of up to $225m per risk.
China Re Underwriting Agency 2088 CEO Janet Helson said: “We are tremendously proud to be launching this consortium.
“It’s the first of its kind, enabling international involvement in the Chinese renewable energy market and a great example of the collaboration that exists between the London and Chinese markets.”
In order to slash CO2 emissions, the Chinese government has pledge to provide $360bn for renewable power sector by 2020, which helped Chinese offshore renewable energy sector to achieve significant growth.
China Re Syndicate 2088 renewable energy underwriter Oliver Litterick stated: “China is investing heavily in renewable energy so there is a compelling opportunity for Lloyd’s to be involved.
“This consortium will be able to access China Re’s domestic client base of offshore wind specialists to bring this new and diverse premium to the London market.”