’This latest initiative in our transaction liability proposition underscores our commitment not only to drive innovation in this rapidly developing area of the insurance market,’ says head of transaction liability
Specialist cyber insurance provider CFC has created an M&A-focused team that will work in underwriting representations and warranties insurance for the renewable energy industry.
Announced yesterday (23 April 2024), the move further expands its transaction liability practice, with the new unit to be led by Simon Wood, who joined the MGA’s transaction liability practice just over a year ago.
Aline Brayner, a former lawyer with significant expertise in providing strategic counsel for large and complex energy projects focusing on renewable energy technologies, also joined the team recently.
Gus Marshall, head of transaction liability at CFC, said: “This latest initiative in our transaction liability proposition underscores our commitment not only to drive innovation in this rapidly developing area of the insurance market, but more importantly to provide our clients with the specialist support they need in these highly complex deals.”
Significant uptick
CFC’s energy and renewables underwriting team will focus on developing tailored coverage that addresses the specific transaction risks associated with renewable energy projects – such as offtake agreements and environmental liabilities.
Read: CFC Underwriting makes first foray into M&A
Read: CFC announces entry into carbon insurance market
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The team will also work closely with CFC’s recently established specialist tax practice to address issues such as investment tax credits.
Marshall continued: “The energy landscape is rapidly transforming as governments, public and private sectors increasingly seek to invest in renewable energy as they navigate the energy transition and support moves towards net zero.
“2023 saw a remarkable $559bn (£451bn) of deals undertaken in the renewable sector.”
Referring to the amount of deals undertaken in the renewables sector, Marshall explained that it had led to a “significant uptick” in the amount of deals CFC was managing in the space.
He said that “given the unique risks associated with renewable energy projects, we have invested in a dedicated team to support our ever-growing number of clients investing in renewable projects”.
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