China Re unveils renewable energy consortium for Chinese offshore windfarms

The consortium can provide capacity of up to $225m per risk.

China Re has formed a renewable energy consortium at Lloyd’s which will provide reinsurance for the construction and operation of offshore windfarms in Mainland China.

China Re’s Syndicate 2088 manages and co-leads the consortium along with Canopius Syndicate 4444 and Travelers Syndicate 5000. It is also supported by Chaucer Syndicate 1084, a member of the China Re Group, Axis Syndicate 1686 and GCube Underwriting Limited.

The consortium will cover construction all risks (CAR), erection all risks (EAR) and third-party liability (TPL) and can provide capacity of up to $225m per risk.

The Chinese reinsurer aims to attract more international investment into China’s renewable energy scene which benefited from a $360b pledge by President Xi Jinping for renewable power development by 2020.

“China is investing heavily in renewable energy so there is a compelling opportunity for Lloyd’s to be involved. This consortium will be able to access China Re’s domestic client base of offshore wind specialists to bring this new and diverse premium to the London market,” Oliver Litterick, renewable energy underwriter at China Re Syndicate 2088 said in a statement.