Under the new capacity agreement, AXA will underpin DUAL UK’s Natural Resources product, which is aimed at projects using renewable technologies such as solar, wind power and hydro. The cover is backed by A+ rated security and provides limits of up to £50 million, with a target premium range up to £150,000 and a £2,500 minimum premium.
The product is targeted at operators of established renewable technologies and is intended to offer technically led underwriting for projects where sustainable solutions and proven performance are central to the risk.
The facility has been developed by Steve Kelly, who joined DUAL in January 2025. Kelly has more than 35 years’ experience in the insurance industry and a background in the construction and natural resources markets, reflecting the increasing demand for specialist expertise in complex energy risks.
The renewables insurance market has seen notable growth in recent years. According to the International Underwriting Association, the renewable energy sector recorded year-on-year increases of more than 15% in 2024. That trajectory is expected to continue, driven both by new installations and by the repowering of existing assets where planning permission and supporting infrastructure are already in place.
As renewables are projected to supply nearly half of global electricity by 2030, demand for tailored insurance solutions is expected to rise in parallel. Government-backed initiatives are supporting that shift, with over £40 billion of private investment in clean energy announced in the UK since July 2025
“Following significant investment in our Construction capabilities, I’m confident that our new Natural Resources insurance product will position DUAL as the leading MGA in selected renewable technologies," said Steve Kelly, managing director of construction at DUAL UK. "The launch of this product represents a strategic commitment to supporting clients as they navigate the complexities of the energy transition.
The AXA-backed capacity offers an additional option in a segment where large project values, lender requirements and construction complexity can make placement challenging. A £50 million line can form a significant part of a tower or co-insurance arrangement on mid to large-scale projects, particularly where repowering, grid connection or offshore elements are involved.
As renewable infrastructure becomes more extensive and more exposed to climate-related events, underwriters are likely to focus on site resilience, supply chain robustness and the strength of maintenance and warranty arrangements.
The launch also underlines the continuing role of specialist MGAs in energy and infrastructure, where technical capability and speed of response can be decisive in securing mandates.
As the renewable sector matures, the competitive edge is expected to lie not only in capacity and rating, but in the ability to support developers, lenders and operators throughout the asset lifecycle, from construction through operation to repowering and decommissioning.
