Markel International has teamed up with broker Willis to roll out a dedicated insurance facility for the nuclear sector, in a move that the two firms said responds to a wave of fresh capital flowing into atomic power.
The facility is designed to deliver end-to-end capacity for nuclear facilities, covering property damage and business interruption across nuclear-critical and conventional exposures, and spanning the full project lifecycle from construction through to operation.
Capacity can be deployed on a quota share or excess of loss basis, giving clients flexibility on programme structure. The launch signals growing confidence in nuclear energy as a pillar of the global energy transition, just as the sector's risk profile grows more intricate.
The World Nuclear Association reports that around 70 reactors are currently under construction globally, with more than 100 more planned, while the International Energy Agency projects that data centre power consumption will more than double by 2030.
Utilities and hyperscalers are turning to firm, low-carbon generation to meet that demand. Nuclear, including Small Modular Reactors (SMRs), is regarded as one of the few technologies capable of providing the continuous baseload that intermittent renewables cannot, according to the announcement.
The investment surge has created tension in the insurance market, as larger and more capital-intensive projects have exposed the limitations of traditional placements that are often assembled from multiple markets.
Geopolitical exposures are also reshaping the underwriting backdrop. A drone strike on May 17 penetrated the outer perimeter of the UAE's Barakah Nuclear Power Plant and ignited an electrical generator, marking the first such incident at a nuclear site since hostilities between the US and Iran began.
Political violence and terrorism coverage for Middle East energy assets is now being quoted at up to 10% return on line, according to Howden Re data, with capacity under sustained pressure from data centres, energy projects, ports and Gulf hotel assets.
Against that backdrop, Markel and Willis cast the new facility as an addition to existing market structures rather than a replacement, pairing underwriting expertise with what the firms described as responsive capacity for brokers and clients.
"With renewed global momentum behind nuclear, driven by the transition to low-carbon energy and increasing demand from data centres and AI, the sector is entering a new phase of growth and demands a step change in how the insurance market responds," said Rohan Davies, managing director – London Market at Markel International.
Davies said the joint facility was structured for the complexity of modern nuclear projects and built "for an era when the stakes and the scale are higher than ever."
Rupert Mackenzie, global head of natural resources at Willis, said clients require reliable, comprehensive coverage backed by strong market relationships.
"We're pleased to be working with an innovative insurer like Markel to launch a facility that provides a diversification option that addresses the scale and complexity of today's nuclear facilities," Mackenzie added.
