Upstream Energy insurance covers the protection of assets engaged in the exploration and production phase of the energy industry.
Our customer base is extremely varied and diversified, ranging from private individuals with one or two well portfolios to the major, fully integrated, publicly listed oil companies with assets scattered across the globe.
Risk selection is paramount to underwriting success in this class of business, as working with hydrocarbons - a potentially volatile and hazardous product - can result in catastrophic consequences if not managed properly. Many situations can arise from either man-made occurrences or natural disasters.
Property risks are principally written offshore, they range from small unmanned single structures to multi-platform complexes, major trunklines & intra-field pipeline networks, sub-sea completions and offshore mobile drilling units.
Property coverage onshore will include but is not limited to land rigs and oil lease property. Construction risks are written for offshore projects only.
We offer a broad range of products to assist with risk transfer for our clients; policies are underwritten to protect the many individuals operating within this sector from operators, non-operators, drilling contractors and construction projects.
Policies are underwritten to insure against the risks of physical loss or physical damage to the insured asset, resultant business interruption or loss of hire, control of well and re-drilling expenses. Dependant upon the location of fixed or floating assets, coverage may be extended to include the perils of offshore war, terrorism and catastrophic perils such as windstorm and earthquake.
The Upstream Energy account was one of the very first lines of business to have been underwritten by the Catlin Group. This is a mature book of business founded on long-term relationships, some dating back over 20 years.
The underwriting team is a recognised leader within the class, leading over 60% of the business written across both direct and reinsurance placements. The business is predominantly written in London, but also written in Singapore and Oslo
The team carries a wealth of experience that is dedicated to providing innovative solutions across all the different facets of the upstream energy sector, including operators / non-operators, contractors and construction projects.
Supporting our underwriters, we also have excellent claims teams based in offices around the globe. In addition, we have a specialist engineering resource in London providing expert advice to our Upstream Energy Underwriters worldwide.