Ascot forms Underwriting Consortium for Power Generation

LONDON, 4 January 2012 - Ascot Underwriting Ltd. is pleased to announce that it has formed the Strategic Power Consortium, a dedicated technical underwriting vehicle for the power and utilities industry. Comprised of Ascot, Brit Insurance, QBE and Sciemus, the consortium will write insurance and facultative reinsurance and have one of the largest underwriting capacities for power insurance, capable of deploying up to a specific limit of US$100m on any one risk.

The Strategic Power Consortium will use the Sciemus-developed PowerRAT system, a risk analysis model that quantifies risks associated with operational power, to assist in offering flexible and tailored solutions to clients and brokers. The model was developed in partnership with QinetiQ and contains the largest normalised reliability dataset in the world through a partnership with Strategic Power Systems. 

"We are looking to becoming a true market leader in this sector, combining first class capital with commercial underwriting, world-class engineering analytics and unparalleled service standards," said Andrew Brooks, Chief Executive Officer of Ascot Underwriting Ltd. 

Andre Finn, CEO of Sciemus Limited said, "The combination of Ascot, Brit Insurance, QBE and Sciemus provides unparalleled skills working together to deliver a world class service in the sector."

Ash Bathia, Chief Underwriting Officer, Property, Casualty and Motor at QBE European Operations added, "This is an exciting new product in the market providing a highly risk engineered and bespoke solution to premier power utilities, and we are delighted to be part of this initiative."

The Strategic Power Consortium will begin writing business for risks attaching on 1 January 2012.