Posted on 30 Apr 2010
Zurich's Global Energy group today announced the expansion of its market capacity for Power Generation business. Effective May 1, 2010, the unit will increase line size to $250 million from its previous $100 million capacity for the Power Generation segment of the unit's Onshore Property line of business. This increased capacity will enable Zurich to respond to customer needs with innovative and unique solutions.
This is the latest development in Global Energy’s aggressive growth plan for 2010. The unit previously announced an expansion of Onshore Property operations in the Western US and Latin America.
"We are seeing an increased need for capacity due to new growth, plant expansion and new technologies in the utility markets,” said Mario Vitale, CEO, Global Corporate for Zurich. “With this increase in our Power Generation capacity, Zurich is well positioned to attain a leadership role in the market. Combined with the depth and breadth of specialized energy experience of our underwriters and risk engineers, we can better address the unique needs of this dynamic energy segment.”
This new capacity will be available globally, through Global Energy’s network of regional offices in North America, Europe, the Middle East, Asia Pacific and Latin America.
“As we expand into alternative and renewable markets, particularly in the areas of wind and solar, this increased capacity will enable our energy specialists to remain responsive to the changing needs of both customers and brokers,” said Rick Gibbons, president of Global Energy for Zurich. "We can respond with the risk transfer options that best suit each individual risk. This is significant in a market that is experiencing unprecedented change due to new technologies and a drive to ‘go green.’”
Zurich’s Global Energy group provides property and casualty risk solutions for companies involved in the oil and gas, petrochemical, refining, mining, power generation and utility markets. For more information about Zurich's Global Energy business, go to http://www.zurichglobalenergy.com.