Lloyd’s (re)insurer MS Amlin Underwriting has formed a partnership with Altelium to launch insurance cover for clients operating in battery energy storage system (BESS) space.
The BESS construction all risk and operational all risk insurance solution is aimed to meet BESS customers’ insurance needs and fuel growth in the clean energy market.
Specialist insurtech Altelium offers insurance cover for batteries supported by AI-powered data analytics.
MS Amlin noted that there is rapid growth in the battery energy storage market, with increasing need for an insurance offering that can meet the requirements of the clients operating in this space.
The tie-up will offer insurance cover to companies that are engaged in building and operating energy storage facilities of all sizes.
MS Almin head of natural resources Julian Samuel said: “We have partnered with Altelium, a specialist in this sector, because of their deep technical knowledge and expertise within the battery market. I am delighted that through this partnership, we are playing a part in the effort to combat climate change.”
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Altelium co-founder Ed Grimston said: “We are delighted to have MS Amlin Underwriting Limited partner with us to provide BESS operational all risk and construction all risk solutions, part of our wider portfolio of products and services across the battery value chain, which includes warranties on BESS and electric vehicles.”
In August 2021, MS Amlin made a minority investment in environmental, social & governance (ESG) focused managing general agency (MGA) InQlusiv.