Lockton Launches Offshore Projects Practice for tailored risk solutions

Lockton Launches Offshore Projects Practice for tailored risk solutions | Insurance Business America

Insurance News

Lockton Launches Offshore Projects Practice for tailored risk solutions

It addresses risks in offshore energy, marine, and power sectors

Insurance News

By
Kenneth Araullo

Lockton has launched an Offshore Projects Practice aimed at providing bespoke risk transfer solutions for offshore projects.

The practice is led by specialists Jack Swift, David Vajnai, and Alex Morgan, in collaboration with Lockton colleagues, including upstream energy leader Matthew Preston, construction leader Robert Wilson, and renewable energy leader Michael Bogdan.

The new practice will offer tailored products designed for Lockton’s clients where upstream energy, marine, and power sectors intersect. The company also explained that the Offshore Projects Practice has been established to address client needs for risks that do not neatly fit into one of these three classes.

This practice will focus on areas such as interconnectors, subsea cables, floating production storage and offloading units (FPSOs), floating liquefied natural gas (FLNGs), floating storage regasification units (FSRUs), specialist platforms, pipelines, and renewable energy installations. These offshore operations share common risks, such as exposure to marine perils in hazardous environments.

The offshore industry often faces challenges in securing capital and insurance due to the high claims profile in offshore wind and interconnector projects and the energy transition requirements from insurers, investors, and banks.

The team brings more than 35 years of combined experience across the offshore sector, offering insights into sub-sector challenges and applying best practices from their extensive experience.

Jack Swift, head of offshore projects at Lockton, noted that the practice integrates energy, marine, and power insurance to provide strategic benefits for clients.

“I’m excited to lead Lockton’s team of highly experienced offshore risk experts who tackle the most challenging and unconventional offshore risks with confidence and precision,” Swift said.

EJ Hentenaar (pictured above), CEO of Lockton Europe, highlighted the importance of providing tailored risk management solutions beyond standard insurance.

“This isn’t just about insurance – it’s about partnering with our clients to navigate risks that don’t fit neatly into one category of insurers’ internal underwriting guidelines. That partnership is the difference to how we operate with clients, providing tailored risk management strategies that go beyond mere transactions and making sure that they have the protection they need to succeed,” Hentenaar said.

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