Markel swoops on GCube/Aon to target global renewable energy market

Markel International, a subsidiary of the  Markel Corporation, has hired executives from GCube Underwriting and broker Aon in a move to deepen expertise and develop its presence in the global renewable energy market.

The new hires joining its renewable energy team include Charlie Richardson (pictured left), Sarah McCarthy (pictured middle), and Yong Ruay Heah (pictured right).

As head of renewable energy underwriting, Richardson’s prime duties will involve setting and implementing the underwriting strategy to grow and develop Markel’s presence within the renewable energy market, with a specific focus on the London market. Additionally, alongside Tom Baker and Rohan Davies, he will be a key decision maker for the class of business and line sizes the organisation deploys going forward.

Richardson has 23 years of experience in the insurance industry, including 20 in renewable energy. His career includes a number of senior underwriting roles at renewable energy specialists such as GCube Underwriting. Spending nearly 12 years at the MGA, Richardson played a crucial role in diversifying the product line away from wind energy to encompass solar, hydro, high fuels, wave, and tidal power. He was also instrumental in developing and growing the GCube business to a global leader, before his departure from the business in 2018.

McCarthy joins as an underwriter and will be responsible for growing Markel’s onshore renewable book globally, and building on new and existing broker relationships. Similarly to Richardson, McCarthy previously worked at GCube Underwriting for over six years, where she focused on onshore renewables in the UK, Australia, Asia, and Eastern Europe, while supporting the company’s global initiatives.

Both recruits will be based in Markel’s London office, joining current renewable energy underwriter Tara Swift to service the rapidly growing London market.

Additionally, Ruay Heah has joined Markel International’s Singapore office as an assistant underwriter to focus on growing and servicing a renewable energy portfolio of clients in Asia Pacific. Heah joins from insurance broker Aon.

Baker, who joined Markel as its global head of renewable energy in July 2020, and is responsible for overall strategy implementation and growth of Markel’s renewable energy product offering, said: “We are delighted to welcome our new recruits to the renewable energy team. With their combined knowledge and expertise, we are confident that we will go from strength-to-strength, deliver a first class service to our clients and brokers, and grow the business.”

Davies, divisional managing director of energy at Markel International, added: “With Tom in our Singapore office as head of renewable energy, we are well represented in the Asian market. Having Charlie, Sarah, and Tara on the ground in London, it gives us the strength and depth to service the global renewable energy market and deliver what our clients expect from Markel – an experienced team, which is empowered to deliver a first class product.

“The renewable energy market is a hugely exciting space in which to be involved with what we believe is a best-in-class team. Add to that the strength of the Markel group and we deliver on our promise; bold ideas, honest actions.”

Richardson commented: “I’m excited to get in front of brokers, insureds, and to continue building on the great work Markel has done, by accelerating it and moving the business towards becoming one of the most recognised market leaders within renewable energy.” He added: “As with all our processes, we will take a professional and measured approach to underwriting and managing risk, particularly as the London market evolves over time.”

McCarthy commented: “For me, it was important to be part of Markel’s experienced renewable energy team because they have the knowledge, expertise, and mobility within the market, to continue growing this book of business,” said McCarthy. “In my new position, I’m looking forward to getting back in touch with brokers and clients, as well as building on our existing customer relationships at Markel.”

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