Senior Energy Underwriter

1 month ago

London, Greater London, United Kingdom Avencia Consulting Full time

About us

Avencia Consulting are recruiting on behalf of a leading Insurer who are looking to hire a Senior Energy Underwriter to join, where you will support on Energy Transition and wider energy business.

The role

The company is looking for a new Senior Energy Underwriter to advance the company's ability to support the progression towards a greener economy. Over the coming years, trillions of dollars of investment will be needed into clean energy, climate technology and carbon markets, and the demand for new insurance products to enable this will grow. The needs of existing energy clients are also evolving as these companies invest significant amounts into developing greener business models. The new Senior Underwriter will help the business to take advantage of this emerging and substantial market opportunity. An element of the role will be underwriting a select group of Oil and Gas clients that we have identified as having clear, measurable emissions targets and we are willing to support them in their transition journey. Therefore, the role will include a renewal portfolio of Oil and Gas and also a new product line with these clients (carbon credits, hydrogen etc).

Key accountabilities

  • Build out expertise on transition-related technologies, including the associated insurance value chains, client needs and product specifications (e.g. covering new types of renewables, hydrogen powered technology across various industries, carbon capture, carbon markets)
  • Underwriting the current O&G portfolio - optimising the portfolio within a green framework.
  • Identify clients and products which fit with the overall approach and risk appetite to narrow down the potential opportunities into priority areas
  • Identify specific business opportunities and filter these, proposing risks to existing underwriting teams for execution - this will involve working with all lines of business as needed, including property, energy and renewables
  • Evaluate opportunities to adjust existing products by building in incentives for clients to transition
  • Develop a more holistic approach to energy clients to supplement traditional approach, which is segmented into traditional energy and renewables
  • Support underwriting teams on execution and thereby participate in the underwriting process: this includes evaluation and presentation of submissions, analysing and interpreting exposures, determining coverage and contract language
  • Key to this role is the origination, build-out and leveraging of broker and client relationships
  • Monitor market developments and remain current regarding knowledge of all relevant classes of business, including legislative and regulatory changes/requirements

Skills & experience

  • Strong background in energy from an underwriting, engineering and/or advisory perspective, with minimum of 5 years' experience in this industry
  • Established networks and strong existing relationships in the energy industry (across corporates, underwriters, brokers, advisors, etc)
  • Underwriting background is essential but insurance experience strongly preferred, which could include as a buyer of insurance, (Lloyd's/London Market/specialty insurance/reinsurance) with good working knowledge of insurance market needed
  • Strong interest in transition and a desire to support the achievement of net zero objectives, alongside a more general commitment to doing business sustainably
  • Effective communication and engagement abilities with experience of working directly with underwriters and/or brokers strongly preferred
  • Demonstrated ability to combine technical analysis with judgment to provide insights for commercial decision-makers, while appropriately considering analytical limitations

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