Clearwater Underwriting, a specialty underwriting business focused on marine risks, has expanded into a new line of business with the hire of Richard Hooks, who has been appointed as Managing Director, Upstream Energy.
In his new position, Hooks will oversee the creation and growth of Clearwater’s Upstream Energy division, focusing on crafting a dedicated offering for clients and brokers while advancing the firm’s strategic goal of diversification into broader niche and specialty markets.
His responsibilities include expanding the Upstream Energy portfolio by combining technical underwriting expertise with the agility and responsiveness of the MGA model.
The business will seek to provide brokers with a specialist alternative in a highly technical class, supported by Clearwater’s underwriting capabilities, technology and strong capacity partnerships.
Hooks joins Clearwater following a 20-year tenure at Tokio Marine Kiln, where he most recently served as Departmental Head of Marine & Energy.
The executive brings extensive technical underwriting expertise across energy and marine, as well as deep relationships across the international specialty market.
Hooks commented: “Upstream Energy remains a highly technical market, as the risks, technologies and capital behind it continue to evolve. That makes experience, underwriting judgement, and a willingness to consider risk differently critical to a successful energy insurance offering.
“What attracted me to Clearwater was the opportunity to create an underwriting proposition with those fundamentals at its core, while having the flexibility to respond quickly to brokers and clients. It’s a rare opportunity to build a business from the ground up within an ambitious underwriting platform, and I am delighted to be joining the team.”
Richard Young, Chief Underwriting Officer at Clearwater Underwriting added: “Upstream Energy is a market where technical expertise and underwriting judgement are particularly important, given the complexity and scale of the risks involved. Richard brings decades of experience across energy and marine, together with a detailed understanding of how this market is changing. His appointment allows us to enter Upstream Energy with a clear focus on disciplined underwriting and long-term portfolio quality, while giving brokers the responsiveness and flexibility that are central to the Clearwater model.”
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