Ascot Renewco News

Ascot Underwriting Announces The Creation Of Ascot Renewco Underwriting, A New Underwriting Platform For Renewable Energy Insurance

Posted 4 July 2007

The new energy in underwriting

Ascot Underwriting is delighted to announce the establishment of its new renewable energy operation, Ascot Renewco Underwriting. Ascot Renewco will be the first Lloyd’s based underwriting operation specifically dedicated to the full range of the renewable energy industry worldwide. Ascot Renewco will offer Ascot’s existing experience and underwriting strength to bring a fresh, entrepreneurial approach to renewable energy. Ascot Renewco will be led by a dedicated Chief Executive and will be staffed by a new team of underwriters with in-depth industry knowledge and expertise.

Based in London, Ascot Renewco will offer onshore and offshore coverage for power generation facilities in the solar, wave, tidal, wind, biomass, geothermal and small hydroelectric fields against risks during shipment to installation to operating. From September Ascot Renewco will provide significant global capacity across a broad range of exposures.

Ascot’s Chief Executive Officer, Martin Reith said: “Ascot has created Ascot Renewco Underwriting to address the unique challenges facing the renewable energy industry. Leveraging our experience across many related classes of business, we can apply our expertise to supporting fledgling renewable energy initiatives as well as those already well established and growing in importance. We will offer our clients a one-stop shop to satisfy all of their increasing insurance requirements”

“The innovation, dynamism and enthusiasm of the project developers mirrors our own business philosophy” added Martin. “We are particularly excited that we are in a position to make a real contribution to support the growth and technological development of the renewable energy industry.”

ASCOT RENEWCO: UNDERWRITING THE FUTURE

Note to Editors:

Ascot Renewco is a trading name of Ascot Underwriting Ltd. Ascot Underwriting Ltd – Syndicate 1414 - commenced trading in 2001 and has grown very quickly to become one of the leading businesses operating at Lloyd’s. Rated A+ (Superior) by A.M. Best, Ascot is AM Best’s most highly rated Lloyd’s business. Ascot is backed by AIG.
Main Syndicate classes are Property, Energy, Specie & Fine Art, Cargo, Terrorism, War & Political Risks, Marine Hull/War/Liabilities and Excess of Loss Reinsurance. Ascot leads in most of these classes and leads over 40% of the slips we write.

For further information please contact:

Martin Reith, CEO: +44 (0)20 7743 9602

Jenny Love, Corporate Communications: +44 (0)20 7743 9599