JLT Risk Solutions won the reinsurance appointment for the Dolphin Project, the largest energy initiative to be undertaken in the Middle East region.
The deal will bring significant reinsurance premium to the London/European markets as well as earn significant fee income for JLT Risk Solutions over the 30 months of the construction phase which is due to start in 2004.
JLT Risk Solutions won the business in a tender against three US-quoted brokers: Aon, Marsh and Willis.
The reinsurance placements will cover construction all risks, third party liability, delay in start up, operators extra expense, and cargo.
JLT Risk Solutions formed an alliance with two local insurers to win the business: Al Ain Ahlia from Abu Dhabi and Al Khaleej from Qatar.
The Dolphin Project, involves the production and processing of natural gas from Qatar North Field, and transportation of the dry gas by pipeline to the USA, beginning in 2006.
