Unlock a future of infinite potential

Unlock a future of infinite potential

Introduction Travelers is a leading provider of insurance for the renewable energy sector Contents Introduction 3 Case study 4 Insurance for renewables 6 Why Travelers? 7 The experts 8 The expertise 9 About Travelers 10 Contacts 11 As specialists in this industry, we have a vast database of industry-specific knowledge that can help clients manage costs. We work hard to deliver outstanding service, quality products and customised solutions particularly in risk engineering where two senior engineers support the Renewable Energy underwriting function. Based in London, home to the world s greatest concentration of specialist brokers and underwriters for this class, we have a worldwide remit and we re making use of it. In the last 12 months, the team has written business in every continent on the globe. 2 3

Key Travelers insured wind farms Other wind farms 80 turbines 302 MW Case study We ve insured over 30 wind farms worldwide A selection of our offshore wind projects German North Sea We work on a broad variety of renewable energy projects: from residential solar to concentrated solar; community wind farms to offshore wind farms. We could be ensuring capital expenditures are covered in large utility companies in the USA or providing cradle to grave coverage for an offshore wind farm in Germany. Many of these projects are quite complex, all of them require market-leading insight and experience. Travelers and wind farms Rhode Island 5 turbines 30 MW UK North Sea 174 turbines 1,218 MW 88% of global offshore wind power is located in the waters of 10 European countries 12% of global offshore wind power is located in China, Japan, South Korea and the U.S. Taiwan 2 turbines 8 MW 30 wind farms worldwide 4 5

Insurance for renewables Why Travelers What we cover Our capabilities for leading business All risks of physical loss or damage, from development through to operational risks including: Marine cargo Delay in start-up Construction all risks Advance loss of profits Testing and commissioning Phased handovers Interim operations Operational all risks Business interruption Contingent business interruption Natural catastrophe Liability We offer various options to help make placing business as easy as possible, via: 1 Travelers Insurance Company Limited 2 Travelers Underwriting Agency Limited Target business: Onshore wind energy Offshore wind energy Solar energy Marine Cargo CAR of wind onshore CAR of wind offshore Operations of wind onshore Operations of wind offshore All types of project structure Owner-controlled capital expenditure programmes Privately financed projects Contractor and owner/operator annual programmes Binding authorities 3 Travelers Syndicate 5000 at Lloyd s $250m of capacity, enabling us to compete with the largest insurers out there. AA rated Our AA rated paper provides our clients with the security they need. We have serious scale as a group too, with 30,000 employees and an annual premium of circa $27bn 6 7

The experts Our expertise Meet the team What make us different Travelers Renewable Energy team is a tight-knit and diverse team of experts with over 75 years of combined experience. We specialise in managing the risks involved in onshore and offshore wind and the solar industry. Matthew Melville The team is led by Matthew, a renewable energy specialist with over 15 years experience in the renewables insurance market. After leaving college, Matthew started out at Miller, where he was involved in the underwriting of the WindPro product, and later became CUO of Gcube, where he established and built up an impressive book. Matthew also set up the renewable energy team at Axis Capital, before joining Travelers in 2015 to launch Travelers Europe s Worldwide Renewable Energy offering to complement the Group s growing portfolio. Tom Nooth-Cooper Tom is the assistant underwriter on the Travelers Renewables team. Having graduated from Cardiff University with a degree in Business and Economics, he went on to play five years as a professional rugby player, representing Cardiff Blues, Newport Gwent Dragons, Cornish Pirates and Jersey Reds. He joined Travelers in 2014 and, having had a longstanding interest in the energy sector, has helped to launch Travelers Europe s Worldwide Renewable Energy offering. Calum Wood A technical apprenticeship with the Central Electricity Generating Board (CEGB) launched Calum s 30-year career. Since then he studied Technology with the Open University and has had mixed hands-on technical application with commercial leadership and risk management. Having worked at the sharp end of engineering building, operating and managing power plants throughout Africa, Europe, the Middle East and the US he understands the technical, cultural and practical issues that can arise. He also has client-side insurance experience and developed an insurance captive to cover power plants. Currently, he reviews broker submissions, analysing and making recommendations across a broad range of projects. Max Akpobasah A Chemical Engineering graduate from University College London, Max also completed a Masters in Oil and Gas Engineering at Aberdeen. He then spent seven years at EDF Energy (originally British Energy), working on power stations in the UK and France. He also worked in the central engineering offices responsible for the design and construction of the Hinkley Point C Power station in Somerset. Max is enriching our offering through his academic qualifications and industrial experience in engineering. 1 2 Risk engineering expertise Our risk engineers are critical to our offering. Their job is to study each project s technical documents, identify risks and suggest measures for mitigation. They then support the underwriters and ratify our potential maximum loss. Once the risk is bound, we could be liable for up to ten years, so they need to ensure the build matches the specification and meets all codes of compliance. For clients, their regular site visits also provide an extra pair of eyes an almost third-party view of the project s progress. Their work requires them to keep up with new technologies and any attendant hazards. US insight and capability Travelers, as a group, is a huge company with 30,000 employees and $27 billion in revenue. We are a household name in the US and renewable energy is a significant part of our inland marine portfolio. Within our sector, the data and analysis we provide are second to none and we regularly share emerging trends in loss activity. For example, on a wind farm build in Idaho, rather than use a third party for the engineering surveys, we may use Travelers in-house engineers. 8 9

Who we are Contacts About Travelers Get in touch In an uncertain world, Travelers is an established leader, committed to keeping pace with the ever-changing needs of our customers and brokers, and anticipating their needs for the future. There is no stronger testament to our dedication to protecting customers from loss than our continued innovation and ability to transform our industry. In fact, from the first ever car and space travel policies issued in the United States, to the launch of the Lloyd s market s first ever Kidnap & Ransom Piracy product, our history of advancements has propelled our company and our industry towards ever higher standards for customers and brokers. Renewables is another step in this innovation journey. Matthew Melville Head of Renewable Energy Syndicate 5000 Travelers Insurance Co. Ltd. Travelers Underwriting Agency Ltd. Travelers 3rd Floor, Exchequer Court, 33 St Mary Axe, London UK EC3A 8AG T: +44 (0) 20 3207 6455 M: +44 (0) 7876 253180 F: +44 (0) 20 3116 2116 Tom Nooth-Cooper Renewable Energy Syndicate 5000 Travelers Insurance Co. Ltd. Travelers Underwriting Agency Ltd. Travelers 3rd Floor, Exchequer Court, 33 St Mary Axe, London EC3A 8AG T: +44 (0) 20 3207 6807 M: +44 (0) 7917 230698 10 11

travelers.co.uk/lloyds Travelers Syndicate Management Limited, Exchequer Court, 33 St. Mary Axe, London EC3A 8AG