Solar and battery storage are on track to account for roughly 81% of new US utility-scale generating capacity in 2025, according to the US Energy Information Administration. Insurers are reporting their strongest appetite for renewable energy risk in nearly a decade. Into that market, Ryan Specialty Underwriting Managers (RSUM) has appointed Jeff Smith as CEO of Ryan Specialty Renewables, a newly unified global MGU practice.
The appointment consolidates three existing units (PERse North America, PERse International, and Albus) under a single platform and leadership structure. The rebranding of all three will be completed by the end of the third quarter of 2026. The move eliminates the prior separation between brands that operated independently within the same parent company.
Ryan Specialty Renewables underwrites offshore and onshore wind, solar, battery energy storage systems, and other energy transition assets on a global basis. The platform covers operational facilities, construction, transit, and natural catastrophe exposures for both middle-market and large insureds.
Smith co-founded PERse in 2011 and brings more than 20 years of experience in renewable energy insurance. He had previously served as president of PERse North America before his July 13 appointment to the global CEO role.
Miles Wuller, CEO of RSUM, said Smith was well-placed to lead the integration after working alongside him since PERse's founding. Smith framed the move as an operational as much as a structural change. "By bringing together exceptional talent, market relationships, underwriting expertise, risk engineering and claims support, we are strengthening our ability to provide market-leading solutions and enhanced service across the renewable energy insurance marketplace worldwide," he said.
More than 2,600 gigawatts of generation projects were waiting in US interconnection queues as of 2025, according to the Lawrence Berkeley National Laboratory. Projects span multiple jurisdictions, technologies, and development stages. That range has increased the complexity of structuring insurance programs across construction, transit, and operational phases.
For brokers placing renewable energy programs, that complexity puts a premium on underwriters with deep sector expertise and coordinated global capacity. Ryan Specialty acquired Albus as part of its purchase of Castel Underwriting Agencies in May 2024. PERse International was established in London the same year.
Combined ratios across the renewable energy insurance market held at a sub-90% average through 2025, per Willis's 2026 Renewable Energy Market Review. Battery energy storage systems carry distinct underwriting challenges, including fire risk from thermal runaway, that continue to influence carrier appetite. For an MGU whose portfolio spans BESS alongside wind and solar, that technical complexity is both a risk management challenge and a barrier to entry for less specialized competitors.
