Middle Eastern carrier IGI has strengthened its energy offering with the appointment of James Green as senior underwriter for downstream energy.
Green joins from Axis, where he was class underwriter for renewable energy.
He joined what was then Novae in 2015, having spent eight years before that at JLT. When he left the broker, he was practice leader for the renewable energy division. Green began his career at XL Catlin.
In his new role Green will focus on building out IGI’s renewable energy and conventional power portfolio as part of the carrier’s wider downstream energy offering
He will be based in London and report into Hassane Rhazouani, head of downstream
energy as well as Graham Hensman, head of energy.
Green is the latest departure from Axis following a company-wide restructure earlier this year.
Earlier this week, Markel took war and terrorism underwriter underwriter Tom Simpson.
IGI’s latest downstream energy hire comes as the market is reeling from large-scale losses.
The downstream market experienced 13 losses in excess of $100mn during the year, far exceeding the average.
According to the latest Willis Towers Watson energy market report, only a few downstream underwriters turned a profit in 2017 - with the consistently-low ratings environment exacerbated by one of the worst loss years for the market in almost a decade.
The study found that last year, downstream insurers were pummelled by $5.5bn of insured losses.
Commenting on Green’s appointment, Hensman said: “IGI has always had a strong focus on the renewable energy and power sectors and James will help us to expand this further.”
“He brings a wealth of technical skill in both onshore and offshore renewable energy, and utility-scale power projects, which is a great addition to the team at IGI,” Hensman added.
“I am excited to be joining a company that is growing in both size and reputation, to assist and broaden the capabilities of their already successful downstream energy team,” Green said.