Ascot Underwriting Ltd, which operates syndicate 1414, has formed a Lloyd's Consortium, Renewco (ReCo), "a dedicated and independent underwriting platform for the renewable energy industry".
The consortium is jointly led by Ascot and Chaucer and is to be managed by Ascot; Skuld is the third consortium partner.
Ascot said that ReCo would have a capacity of up to $165m per risk, making it "an alternative to the large non-Lloyd’s insurers and broker-affiliated facilities".
“As the renewable energy market continues to grow and evolve there is increasing demand from our brokers and clients for efficient access to specialist Lloyd’s capacity. By creating a consortium with like-minded first class capital within Lloyd’s, we are generating more meaningful scale and market presence, supporting the expanding renewable energy sector,” said Ascot Underwriting CEO Andrew Brooks
Ascot syndicate 1414's main businesses classes are property, energy, species and fine art, cargo, terrorism, war and political risks, marine hull/war/liabilities, renewable energy, casualty and excess of loss reinsurance.
Ascot Underwriting commenced trading in 2001 with its underwriting capital being provided by a member company of AIG.