Insurance broker Marsh has helped launch Northcourt − a new managing agent for the nuclear insurance market.
Northcourt will initially offer property damage and business interruption insurance up to US$200mn and anticipates expanding into nuclear liability and construction during 2012.
Amlin, one of Lloyd’s largest syndicates, is the lead insurer for the new business. Duncan Dale, head of property & casualty for Amlin London says: “As nuclear technologies develop and new markets open across the world, so do the contingent risks of this industry. Amlin and the insurer panel seek to enable this development through flexible risk coverage and are pleased to have supported Northcourt in bringing a long-overdue new approach to the market.”
Former Marsh senior vice-president, Alan Rickett will lead the business, while Marsh’s sister company Guy Carpenter will manage insurance market placements.
Mark Popplewell, Marsh international nuclear practice leader, explains: “The growth of nuclear energy cannot be underestimated. Over 60 new nuclear reactors are currently being built globally, with in excess of 400 in the pipeline. Nuclear power is regarded by many as the solution to the world’s energy problems.
“Due to the limitations of the existing nuclear insurance arrangements, clients have often in the past struggled to get competitive insurance protection. As the nuclear sector matures and the nuclear renaissance continues to gather momentum, Northcourt offers an exciting source of alternative capital.”
Registered in Malta, Northcourt is licensed to underwrite nuclear business on a global basis and will be regulated by the Malta Financial Services Authority.