London-based unit will be headed by Matthew Melville
AXIS Capital has formed a renewable energy team within its AXIS Insurance business. The team, based in London, will insure and assess risks for renewable energy producers and distributors, including: wind turbines, biofuel plants, solar energy systems, hydroelectric power generators and other renewable energy operations. AXIS Insurance expects to further develop core commercial insurance products and services geared toward customers that operate within this sector.
Matthew Melville will join AXIS Insurance as Senior Vice President to lead the newly formed renewable energy team. Most recently, Melville was Chief Underwriting Officer of GCube Underwriting Limited, a specialist insurance underwriting agency in the renewable energy market. Richard Carroll will also join AXIS Insurance as Vice President from GCube where he was Business Development Manager.
"AXIS Insurance has served the energy sector consistently since its inception, and as the marketplace has become more environmentally conscious, we have broadened our expertise to meet its emerging insurance needs," said Jack Gressier, Chairman of AXIS Insurance.
Gressier added: "Our new team’s knowledge of and experience in the rapidly developing renewable energy sector ensures that AXIS Insurance will continue to engage its clients with the highest level of expertise. With this deep understanding of the market and AXIS Capital’s financial strength, we are well-positioned to provide value and service to a growing market.”
Michael Butt, Chairman of AXIS Capital, said: "We have a growing business opportunity, as well as a social responsibility, to use our expertise to help reduce carbon emissions and to assist in the development of viable alternatives.”
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2009 of $5.5bn. The company has offices in Bermuda, the US, Europe, Singapore, Canada and Australia.