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Daily Insurance Industry News
Friday 26th of April 2019
January 19, 2012

Northcourt bolsters global nuclear insurance capacity

by Gill Montia

Story link: Northcourt bolsters global nuclear insurance capacity

A new coverholder has launched at Lloyd’s, dedicated to providing the first new capacity to the global nuclear insurance market in thirty years.

Northcourt says it is responding to a shortage of capacity in the nuclear market, and the fact that the territory-based structure of existing programmes has made life difficult for today’s global industry.

Amlin is to be the lead insurer and the managing agent will initially offer property damage and business interruption insurance of up to $200 million, hopefully expanding into nuclear liability and construction later this year.

Northcourt’s chief executive officer, Alan Rickett, comments: “Amid burgeoning investment in nuclear energy worldwide there is a growing demand for a new approach to insurance which is aligned with the global nature of the industry today.”

Marsh and Guy Carpenter have both been involved in advising on the development of the programme and Marsh will provide accounting and administrative services to the company, while Guy Carpenter will manage Northcourt’s insurance market placements.

Marsh’s international nuclear practice leader, Mark Popplewell, sums up: “Over 60 new nuclear reactors are currently being built across the globe, with more than 400 in the pipeline.”

He adds: “Due to the limitations of the existing nuclear insurance arrangements, clients have often in the past struggled to get competitive insurance protection.”

Northcourt is based in Malta and will be regulated by the Malta Financial Services Authority.

 

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