Products: February 2023

Aviva enters offshore wind farm market with all-risks product

Aviva has extended its renewable energy insurance offering by entering into the offshore wind market.

The insurer is offering construction all-risks and operational risks cover in offshore wind as a follow market, focusing on large renewable energy clients and projects in the UK, US and Europe, working with experienced brokers and following recognised leaders.

The business detailed that it will be supporting its existing clients as they move into the offshore wind farm market with coverage aimed at wind farm developers, owners and operators. 

Aviva noted that it had made the move at a time when 108GW of new offshore wind projects are proposed for the UK and Europe by 2030, with seven new projects slated for the UK alone during 2023.

Adam Winslow, CEO of Aviva UK and Ireland general insurance, said: “Aviva has a strong reputation as a lead insurer in onshore renewables, and we know there is strong demand in offshore as we see this market rapidly evolve.”

Tokio Marine Kiln claims Lloyd’s market first with life sciences product launch

Tokio Marine Kiln has launched its inaugural life sciences insurance product Intellimed, staking a claim for a Lloyd’s market first.

The insurer explained that Intellimed offers specialist and bespoke coverage for life sciences risks, ranging from traditional medical devices and pharmaceuticals through to new smart medtech products and telemedicine services, and new apps in development.

According to TMK, the new offering is “believed to be the first life sciences product in the Lloyd’s market” to provide comprehensive cyber and intellectual property coverage, in addition to coverage for product liability, professional indemnity, medical malpractice, public liability and clinical trials, all under one policy.

The launch follows the appointment of Kirsten Shastri as TMK’s head of life sciences in October 2022.

Shastri said: “This product will support innovation and address a capacity vacuum in a sector that is critically important for scientific development. Creating this product as one policy ensures that the potential for coverage gaps is reduced, and more businesses can benefit from fully comprehensive cover.”

CNA Hardy extends product suite with Technology Package+ to offer cover to businesses of all sizes 

CNA Hardy has launched the latest addition to its technology product suite, Technology Package+, which offers an updated set of cover.

The updated offering builds on CNA Hardy’s existing technology package and, according to the business, the new policy covers technology businesses of all sizes.

The technology product was launched on 1 January, and offers a broad risk appetite and the capacity for up to £10m for professional liability cover. Technology Package+ also covers the following sub-sets: software, hardware, services, telecommunications and micro segments.

Mark Armstrong, UK technology segment leader at CNA Hardy, commented on the launch: “We are an underwriting company and we believe that our products should provide up-to-date and responsive coverage. 

“We should not be hiding behind exclusionary language, but instead be offering a product that gives our clients everything they need in one place. That’s what insurance is all about.”

QBE rolls out W&I plan following successful US launch as M&A rises

QBE Europe has launched a new warranty and indemnity product due to an increase in the number of mergers and acquisitions. The product has not been offered by QBE in Europe or the UK before, but it has already been launched successfully in North America.

In a statement, QBE said: “The product will offer protection for unknown breaches of target and seller representations and warranties in a purchase agreement.”

Toria Lessman, who was senior vice president for transactional liability insurance in QBE North America, will be spearheading the new product in the UK and Europe. The team will be initially be led out of London, with QBE looking to hire at least three local experts to work on the product.