Lloyd’s coverholder Amboss takes over Oilfield’s downstream portfolio with new EEA licence
Zurich-based Lloyd’s coverholder Amboss Underwriting has assumed the downstream portfolio of the Zurich branch of Oilfield Insurances Agencies.
Amboss has received approval from Lloyd’s of London and Lloyd’s Insurance Company Brussels, allowing the company to write business in both the EEA and non-EEA regions as an approved coverholder.
The move marks the commencement of Amboss’ operations in Zurich and Amsterdam.
Amboss will be responsible for all legacy business written by the Zurich branch of Oilfield Insurances Agencies, and the entire Oilfield onshore energy team in Zurich joins Amboss.
EEA business operations are managed through the wholly owned subsidiary, Amboss Underwriting BV, based in Amsterdam and non-EEA business activities will be overseen from the head office in Zurich.
The Amboss underwriting team will be led by Colm Kelly, chief underwriting officer, who has over 30 years’ industry experience. The team plans to target the full spectrum of the midstream and downstream sectors of the energy industry and will be supported by more than $40 million of Lloyd’s security.
Kelly said: “We are delighted and very excited to embark on this new journey. As part of our commitment to our valued clients and business partners, we can assure everyone that there will be no change in day-to-day operations. Amboss remains dedicated to upholding the highest standards and will continue to collaborate closely with our business partners as we have done for many years.
“Without the fantastic support of Alan Smith of Oilfield, we would never have reached this point. We also wish to thank all our brokers and mutual clients who believed in us, and our carriers who have facilitated our growth to a position of relevance. We look forward to engaging further to find mutually sustainable solutions for all parties.”
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