Navigators Forms London Energy Risk Unit

New York-based Navigators Group said the specialty insurer has made a decision to move all its energy business to London as a means of controlling the risk associated with the volatile weather pattern in the Gulf of Mexico.

The firm said that its offshore energy, onshore energy, engineering/construction and other technical industrial risks will now be aligned under Navigators Technical Risk.

Navigators Technical Risk, the company explained, will underwrite on behalf of Navigators Insurance Company and the company's wholly-owned subsidiary, Navigators Underwriting Agency Limited (NUAL), which manages Syndicate 1221 at Lloyd's.

This group-wide approach to energy-related risks will provide a better service to clients, including greater technical underwriting focus and a wider penetration of international markets, Navigators said.

Stephen Coward, managing director of NUAL, will lead the newly formed NavTech business unit in London.

Pat Milner will be responsible for the practice leadership of Upstream Energy; Philip Hancock will continue to head up Engineering; and Scott Christy will lead the Downstream Energy practice.

“We expect that technical focus will drive future success across the entire Energy spectrum, and with our team of experienced underwriters and engineers we are positioned favorably to respond to the challenge,” commented Mr. Coward in a statement.

“Understanding ever-changing risk exposures, providing appropriate insurance solutions coupled with the efficient use of meaningful capacity and exposure management are some of the requirements of those striving for sustained success in this complex area. Navigators will continue to use its capacity according to the quality of risk and the unit also expects to take a greater leadership role when responding to growing worldwide demand for insurance of energy-related risks,” he added.

The Navigators Group Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies and operations at Lloyd's of London.