Renewables MGA Albus adds Scor to PD and time element capacity panel

Renewable energy MGA Albus has added Scor to the capacity panel supporting its “rest of the world” (ROW) physical damage (PD) and time element program, Program Manager can reveal.

Sources told this publication that the French reinsurer’s London-based arm – Scor UK Company Ltd – recently took a position on the Lloyd’s coverholder’s PD and time element program.

That program is targeted at clients based in ROW – a region that includes the US.

Market sources said Scor now underwrites a 20 percent share of the program. It has not replaced any other participants, instead boosting the PD and time element capacity Albus is able to offer clients.

Other participants on the ROW PD and time element program’s capacity panel are Arch Insurance (UK) Ltd which has a 30.93 percent share, Apollo Syndicate (11.59 percent), Brit Syndicate 2987 (11.48 percent), Ki Syndicate 1618 (9.27 percent), Argenta Syndicate 2121 (7.73 percent), Munich Re Syndicate 457 (7.73 percent) and Brit Syndicate 2988 (1.27 percent).

London-based Albus began writing business in 2018, offering a range of coverages targeted at the renewable energy insurance industry including marine cargo and delay in start-up; construction all-risks and advance loss of profits; operating all-risks and business interruption; general liability; sabotage, terrorism and theft, and natural catastrophe protection.

The MGA is led by CEO Matthew Melville, a veteran of the renewable energy market for almost 20 years.

Before launching Albus, Melville was chief underwriting officer at GCube, the renewable energy MGA that was acquired by Tokio Marine HCC in 2020. Prior to that, Melville was global head of renewable energy at Axis.

Albus is one of the underwriting entities within Arch Capital Group-owned MGA platform Castel Underwriting Agencies.

As sister title The Insurer revealed in July, Arch has placed London-based Castel up for sale some four years after it first bought the platform via the acquisition of Lloyd’s insurer Barbican Group Holdings.