FM International stated Tuesday it has shaped a unit concentrating on renewable power danger that can present analysis and loss-prevention engineering providers and, later this yr, an insurance coverage product for the sector.
FM Renewables can be a separate enterprise unit, shaped as a inventory firm owned by FM International’s mutual policyholders, with a devoted group, stated Malcolm Roberts, president and CEO of Johnston, Rhode Island-based FM International.
“We’ve put completely different capacities round it, completely different underwriting necessities, completely different danger urge for food and completely different reinsurance treaties,” Mr. Roberts stated.
The speedy development of the renewable sector and its projected development price require a specialist strategy, particularly because the sector’s insurance coverage market develops, he stated.
“The objective is that because the enterprise matures and we begin to perceive the loss value patterns extra and the options, then a lot of these shoppers will come throughout into the mutual and get all the advantages of that mutual possession and membership credit, enhanced limits, and many others.,” Mr. Roberts stated.
The unit can be led by a number of longtime FM International employees, together with Jim O’Brien, division supervisor, Canada and specialty industries; Doug Patterson, head of renewable power; Russell Jannetto, renewable power consumer service chief; Chris Kosloski, renewable power underwriting supervisor; and Cassian Walker, renewable power engineering supervisor.
As well as, Michael Perron, a former senior managing director at Beecher Carlson, has joined FM International as renewable power market lead.
