International specialty and property/casualty re/insurer Cupius has announced the formation of its consolidated natural resources team in response to market demand.
The team includes energy, heavy industry and construction so that brokers allocate business to these classes. They underwrite upstream, midstream and downstream energy, as well as electricity and renewables, mining, metals and chemicals, ensuring alignment with how risks are positioned in the market.
The consolidation will allow underwriters to work closely with brokers to create bespoke, cross-class solutions for their client’s needs, and will reinforce the insurer’s commitment to delivering the best products for policyholders, the company said.
The team will also bring in technical experts, in-house engineers and claim experts to enable more effective and proactive knowledge sharing of emerging risks to inform mitigation and drive product development.
This includes broader coverage where required, with additional products such as sabotage and terrorism, cyber, project cargo or casualty complementing the core offering. It will also ensure a claims approach to drive more streamlined operations across the entire insurance lifecycle.
“Our primary goal is always to find the best and most efficient way to help our brokers deliver to our clients,” commented Global Product Leader Mark Houghton.
“With upstream, midstream and downstream energy, as well as power and renewables, mining, metals and chemicals all interconnected, we wanted to make sure we were best positioned to reflect the fact that they often require similar skills,” he added. “With a stable team, we can provide more efficient services across the lifecycle, from risk mitigation to claims.”
Source: Canopius Group
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