Chinese offshore wind energy consortium launched

Syndicate 2088 (China Re), Canopius syndicate 4444 and Travelers syndicate 5000 are to lead a consortium that will provide coverage for the construction and operation of offshore wind farms in mainland China.

Other syndicates taking part will include China Re Group member Chaucer syndicate 1084, Axis syndicate 1686 and GCube Underwriting.

The consortium will offer cover for  construction all-risks, erection all-risks and third-party liability, with capacity of up to $225m per risk.

China Re syndicate 2088 renewable energy underwriter Oliver Litterick, said that China’s heavy investment in renewable energy had offered a “compelling opportunity”, adding that “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”.