DUAL UK, the underwriting arm of Howden Group Holdings, has announced a new capacity deal with French insurer AXA to support its natural resource products.
The offering is aligned with net zero ambitions and focuses on renewable energy technologies including solar, wind and hydro.
The program aims to empower renewable technology operators through expert-driven underwriting and a focus on established sustainable approaches.
The product has an A+ safety rating and offers cover of up to £50 million, with target premiums ranging from a minimum premium of £2,500 up to £150,000.
The renewable energy insurance market is expanding rapidly, with the International Underwriting Association reporting growth of more than 15% by 2024, a trend expected to continue as investment in new and existing renewable energy assets increases.
DUAL highlights that with renewables expected to provide nearly half of the world’s electricity by 2030, demand for specialist insurance solutions is likely to grow.
Steve Kelly, General Manager of Construction at DUAL UK, developed the natural resource product.
Kelly, a seasoned executive with more than 35 years of experience in the insurance industry, joins the company effective January 1, 2025, leveraging his deep technical knowledge of the construction and natural resource markets.
Catherine Dixon, chief underwriting officer at DUAL UK, commented: “Steve’s extensive experience and knowledge of the natural resource market puts him in a unique position to lead the development and delivery of this new product, bringing insight and confidence to our partners.
“With the support of an A+ rated operator, this launch demonstrates how DUAL continues to successfully expand into new areas to support customers on their journey to net zero emissions. This is a powerful example of collaboration, expertise and commitment to driving progress in the renewable energy sector.”