Marsh and Guy Carpenter Launch Managing Agency for Nuclear Firms
Marsh and its sister company, global risk and reinsurance intermediary services provider Guy Carpenter, have created Northcourt, providing insight on the existing nuclear insurance and reinsurance arrangements. Northcourt, a managing agent, brings the first new capacity to the global nuclear insurance market in more than a generation.
Northcourt is led by chief executive officer (CEO) Alan Rickett, who was previously a senior vice president (SVP) at global insurance broker and risk adviser Marsh. It is registered in Malta, licensed to underwrite nuclear business on a global basis and regulated by the Malta Financial Services Authority.
“Northcourt is a timely response to the shortage of capacity in the traditional global nuclear insurance market, for too long dominated by nuclear pools and mutuals,” said Rickett. “Amid burgeoning investment in nuclear energy worldwide there is a growing demand for a new approach to insurance which is aligned with the global nature of the industry today. There is limited insurer choice for nuclear companies and many have expressed growing concern over the existing market’s ability to cope with an increased demand for limits and scope of cover.”
Unlike traditional nuclear insurance pools, which are territory-based, Northcourt can place nuclear insurance programmes globally through a panel of leading Lloyd’s insurers, all of which have a security rating of A or above.