Markel International, a subsidiary of Markel Corporation, has announced that it has entered an agreement with Associated Electric and Gas Insurance Services (AEGIS), the North American energy industry's mutual insurance company, to provide expanded reinsurance capacity for onshore renewable energy projects in North America.
Markel will provide up to $75 million in capacity behind AEGIS on renewable risks for their policyholders and will combine its global experience and expertise with AEGIS’s North American focus to offer enhanced products and services to Markel’s mutual clients. The reinsurance support will also allow AEGIS to offer more than $400 million in capacity on renewable policies.
AEGIS provides property and casualty coverage to the energy sector. Its members include the entire energy and utility infrastructure of North America.
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“We are delighted to work with a company of AEGIS’s reputation and standing, and to have the opportunity to work closely with their highly experienced renewable energy team,” said Tom Baker, head of renewable energy at Markel International.
“We are very happy to be working with Markel to increase our capacity offering at a time when our members are seeing accelerated growth in their renewable activities,” said Thomas Cain, vice president and renewable energy product manager at AEGIS. “Markel’s global presence and expertise in the renewable sector brings added value and shared insights on the renewable sector’s global trends.”