A major energy underwriter writing a global portfolio of some of the world's largest energy risks. We focus on all aspects of the energy industry supply chain, from some of the world's largest energy companies, to small independent producers. As well as providing products to cover existing energy risks, we also provide insurance with a focus on more sustainable technology.
Financial Strengths Ratings
This type of insurance covers all aspects of an offshore construction project, including the fabrication, construction and installation phases. Asset types include: Offshore Platforms, Drilling Rigs, Subsea Completions / Pipelines and Floating Storage and Production Systems.
Coverage includes: Physical Damage (PD), Third Party Liability (TPL).
Policies are placed on a quota share basis where low policy limits are required. Risks with high capacity requirements will be structured on a layered basis and it is this aspect which we focus on and provide market leading capacity.
Current insured's and future targeted clients are predominantly those with a hydrocarbon risk. Lancashire's appetite is for clients in the oil refining, petrochemical, gas processing and fertilizer industry, along with the associated infrastructure (transmission and storage risks) and utilities.
The balance is predominantly LNG accounts or other gas processing plants.
Offering capacity for Physical Damage, Machinery Breakdown and consequential Business Interruption risks, Lancashire looks to support clients that historically provide an underwriting return and access new business where improved rates provide opportunities for profitable growth. Risks underwritten are typically operational plant and machinery only.
The majority of business is written on an open market direct basis or as a facultative reinsurance of local/domestic insurers.
Typical losses are fire, explosion and elemental perils and we adopt a conservative approach to line size and aggregation control, building on our experience across all our elemental exposed lines of business.
Policies covering assets in the Gulf of Mexico usually include elemental and non-elemental risks and most policies have sub-limits on coverage for elemental losses. For higher value assets exposed to Gulf of Mexico windstorms, the elemental cover is often placed on a standalone basis.
Lancashire is seen as a market leader in this class of business with a focus on deep-water fixed and mobile assets..
Standalone liability placements for operators, joint venture partners, drilling, construction and oilfield service contractors covering their interests offshore and onshore.
Asset types include Offshore Platforms, Drilling Rigs/Ships, Oil and Gas Wells, Pipelines, Processing Terminals, and Midstream Infrastructure.
Policies are usually placed on an excess basis with the exception of OPA, which have the benefit of the other towers of coverage (such as OEE and TPL).
The Upstream energy segment provides insurance covering global exploration and production activities offshore and onshore. Our client base includes all aspects of the E&P industry on a worldwide basis, including operators and their joint-venture partners, and drilling/construction/oilfield service contractors. We also cover midstream activities when placed as part of an upstream program. Renewable energy assets are also covered, both within our existing portfolio and on stand-alone placements written via various market facilities.
Energy risks are mostly written on a direct basis and may be ground up or for primary or excess layers. Policies are typically packaged together and may include physical damage, business interruption and third-party liability sections.
Individual assets covered are typically high value and are therefore mostly written on a subscription basis, meaning that coverage is shared between several (re)insurers. Some package policies may also include onshore energy exposures associated with exploration, production and transportation activities.
For Energy, we use our expertise from the Lancashire Group to find solutions for our Upstream clients. Additionally, within our Power and Utility portfolio we have the capabilities to write across the spectrum of operational exposures, from conventional power generation to the latest renewable technologies.
FINANCIAL STRENGTHS RATINGS
Our coverages include standalone liability placements for operators, joint venture partners, drilling construction and oilfield service contractors covering their interests offshore and onshore. Asset types include Offshore Platforms, Drilling Rigs/Ships, Oil & Gas Wells, Pipelines, processing Terminals and midstream infrastructure.
Policies usually placed on an excess basis with the exception of OPA, which have the benefit of the other towers of coverage (such as OEE and TPL).
Lancashire Syndicate 3010 also writes a global portfolio of risks specialising in providing specialty line products and services for operational Power and Utility infrastructure clients. Offering capacity on multinational or localised account specific programs, our clients range from S&P 500 companies to small independent power producers.
Risks are written on a direct or facultative basis with a focus on primary or quota share limits. Providing coverage for 'all-risks' direct physical loss or damage including machinery breakdown and ensuring time element.
The focus of the account is on operators, joint-venture partners, drilling/construction/oilfield service contractors and provides insurance covering their upstream operational coverages, including property damage, loss of production income, operator's extra expenses and third-party liability, together with other areas of energy related business. Policies are usually placed on a quota share basis. We also provide insurance for a wide range of renewable assets, both on and offshore.
We also cover all aspects of an offshore construction project, including the Fabrication, Construction and Installation phases. Asset types include: Offshore Platforms, Drilling Rigs, Subsea Completions/Pipelines. Coverage includes: Physical Damage (PD), Third Party Liability (TPL). Policies are placed on a quota share basis where low policy limits are required. Risks with high capacity requirements will be structured on a layered basis.