Inter Hannover and Ascot form Underwriting Alliance for Power Generation

LONDON, 29 June 2010 - Inter Hannover and Ascot Underwriting are pleased to announce that they have formed a dedicated technical underwriting vehicle for the power and utilities industry. The alliance 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$150m on any one risk. 

The alliance will use the Sciemus developed PowerRAT system risk analysis model that quantifies risks associated with operational power. 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. 

The Inter Hannover - Ascot Power Alliance (to be known as the "Sciemus Power Alliance") will be able to offer flexible and tailored solutions to clients and brokers.

All existing technical specialists will continue to be engaged in the new venture and aligned to the various entities as required to strengthen both the underwriting competence and service delivery.

Ullrich Wallin, Chairman of Hannover Re said, "We are delighted to be working with Ascot and Sciemus. Combining Inter Hannover's first class underwriting capital, fully backed by Hannover Re, with Ascot's additional quality capacity, underwriting strength and global reach will develop a market leading product for this sector that will certainly attract new business to the London marketplace."

"We are looking forward 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.

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

The Sciemus Power Alliance will begin writing business on 1st July 2010, and can be accessed either via Inter Hannover or Ascot.