Clearwater launches upstream energy proposition with new managing director

Specialty MGA Clearwater Underwriting has appointed Richard Hooks as managing director of its newly created upstream energy division.

The marine-focused business said its move into the upstream energy market – the initial stages of exploration and production in the crude oil and gas industry – supported its plans to expand across a broader range of specialty and niche classes.

Hooks joins the firm from Tokio Marine Kiln, where he spent the past 23 years of his career serving across a variety of senior leadership roles, latterly divisional head of marine.

Clearwater said that in his new role, Hooks will be responsible for “developing the upstream energy portfolio, with a focus on combining technical underwriting expertise with the agility and responsiveness of the MGA model”.

Richard Young, chief underwriting officer at Clearwater, said: “Hooks brings decades of experience across energy and marine, together with a detailed understanding of how this market is changing.

“His appointment allows us to enter upstream energy with a clear focus on disciplined underwriting and long-term portfolio quality, while giving brokers the responsiveness and flexibility that are central to the Clearwater model.”

Highly technical market

The new appointee added: “Upstream energy remains a highly technical market, as the risks, technologies and capital behind it continue to evolve. That makes experience, underwriting judgement and a willingness to consider risk differently critical to a successful energy insurance offering.

“What attracted me to Clearwater was the opportunity to create an underwriting proposition with those fundamentals at its core, while having the flexibility to respond quickly to brokers and clients.

“It’s a rare opportunity to build a business from the ground up within an ambitious underwriting platform and I am delighted to be joining the team.”