Navacord has created a new division that will provide “innovative” structured surety solutions for the energy and power industries.
The new Navasure Structured Surety Solutions division will operate as a division of Iridium Risk Services – a provider of risk management advice and insurance solutions to the energy industry. Navasure provides structured surety products as an alternative to contractual collateral posting requirements such as letters of credit; this is to meet the needs of power companies affected by pricing instability and their limited capital, a release explained.
“Navasure is the perfect complement to the expertise and service we currently offer our clients,” said Iridium CEO Roger Swiestra.
Swiestra noted in a statement that energy companies are ready for a change that offers increased financial capacity at lower cost, and that Navasure is leading the way with its dedicated professionals as well as their extensive knowledge on energy operations and on-demand surety products.
“Navasure is a great example of the entrepreneurial spirit that makes up the DNA of Navacord companies,” added Navacord executive chairman Marshall Sadd. “We are offering energy and power clients a solution that addresses a challenge to their growth, and leverages Navasure’s expertise in financial risk, transactional experience and industry knowledge.”
