McGill and Partners, the world’s largest independent specialist insurance and reinsurance brokerage, and GIB, South Africa’s largest independent insurance brokerage, have launched Protea Green, a new solution focused on insuring risks associated with renewable energy infrastructure in South Africa.
Protea Green offers a ‘comprehensive’ suite of insurance to meet the needs of developers, lenders and owners involved in South Africa’s energy transition. South Africa’s energy transition is reportedly developing rapidly, creating a strong pipeline of renewable energy projects.
McGill and Partners explained that the new solution provides Class A insurance capabilities throughout the project lifecycle.
The company added: “It is designed to combine global insurance expertise with deep local broker relationships, leveraging McGill and Partners’ global market access, strategic insurer relationships and digital placement capabilities with GIB’s extensive local risk domain expertise, relationships and unparalleled client service.”
Aviva, Volt and Re Specialty – Global Markets Munich are the three main insurers for the Protea Green facility, in addition to a dedicated group of subsequent insurers.
McGill and Partners said Protea Green is further strengthened through a strategic partnership with AIG, which provides up to 25% of capacity for McGill and Partners’ professional portfolio.
Tom Sexton, Head of Renewables, Power and Energy at McGill & Partners, commented: “This solution represents a timely and strategic response to the changing needs of South Africa’s renewable energy industry.
“We are seeing a surge in renewable energy development. By combining superior technology, strong brokerage partnerships and strategic relationships with leading global insurers, we can now offer compelling alternatives to support the changes we are seeing in the market.
“Protea Green is tailored to deliver the critical coverage sought by developers, project owners and lenders involved in South Africa’s energy transition.
“With the differentiated, data-driven and technology-enabled approach that McGill and its partners have always brought, we are well positioned to become the leading provider of renewable energy insurance solutions in South Africa and across the continent.”
Tanya van der Westhuizen, Head of Renewables at GIB, said: “As South Africa’s energy landscape continues to rapidly transform, developers and lenders require highly specialized, bankable risk solutions.
“Protea Green is a game-changing facility that combines our deep on-the-ground expertise with McGill and Partners’ global market access.
“By providing tailored coverage and faster turnaround times, it provides our customers with the strong financial security they need to drive the continent’s energy future.”
