French reinsurance company SCOR has unveiled the New Energy Practice within its speciality insurance business to expedite energy transition.

Created to be a one-stop shop, the practice will aid customers in handling the risks and prospects in the present-day scenario while transitioning to a sustainable future.

The practice will cater to the needs of the existing and prospective clients across the globe, the reinsurer noted.

It also merges various insurance products and risk management solutions of the company. 

The offerings will provide protection to various low-carbon technologies and enterprises. 

Solar farms, offshore and onshore wind farms, hydrogen, interconnectors, carbon capture, biofuels, and batteries comprise these technologies.

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The New Energy Practice will leverage the knowledge of the company’s underwriting, risk engineering and claims specialists across various sectors.

Furthermore, the practice will focus on establishing long-term collaborations. 

In a press statement, the company said: “SCOR understands the unique requirements of clients in the new energy field, including the need for financial security and risk mitigation throughout the lifecycle of a project. 

“By providing end-to-end coverage – from project financing, original equipment manufacturing and credit risk transfer to project construction, operation, and decommissioning – the new energy practice ensures that the group’s clients are protected at every stage of their energy transition journey.” 

Through the new practice, the company will deliver insurance for construction, property, liability, political and credit risk, cyber and alternative risk transfer solutions.

In May 2023, SCOR named François de Varenne as its new group CFO and deputy CEO.