Markel International, a unit of Markel Insurance, the insurance arm of Markel Group Inc., has launched a dedicated nuclear insurance facility with broker Willis in what it calls a “market first” initiative.
The facility is designed to provide broader and more comprehensive underwriting capabilities to the nuclear energy industry, reportedly reflecting market participants’ growing confidence in nuclear energy’s role in the global energy transition.
“The facility will provide property damage and business interruption coverage throughout the life of the project, from construction to operations, covering both nuclear critical and conventional exposures.
Capacity can be deployed on a quota share or excess loss basis, giving customers flexibility in structuring their projects,” the companies explained.
They said the new facility is a reliable complement to traditional insurance solutions and provides a practical response to customers’ growing capacity needs, emphasizing that it is designed to complement existing market structures rather than replace them.
Rohan Davies, Managing Director, London Markets, Markel International, commented: “With the revitalization of global nuclear power driven by the transition to low-carbon energy and growing demand for data centers and artificial intelligence, the industry is entering a new phase of growth and will require significant changes in the way the insurance market responds.
“This joint facility with Willis is our answer to that: specialized capabilities tailored to the complexities of modern nuclear projects, built for an era when the stakes and scale are higher than ever before.”
Rupert Mackenzie, global head of natural resources at Willis, said: “Our clients require reliable, comprehensive coverage backed by strong market relationships.
“We are pleased to partner with an innovative insurance company like Markel to launch a facility that offers diverse options to address the scale and complexity of today’s nuclear facilities.”
