New specialty broker Nardac eyes European expansion with new hires

Nardac, a newly launched specialty risk consulting, wholesale and reinsurance broker, has bolstered its senior team with new hires as it looks to  expand in the European offshore wind markets.

The specialist energy and infrastructure insurance broker has hired Robert Bates as head of claims and Tom Harries as partner.

The pair join existing UK partner Peter Draper in London and will look to expand the current Nardac client base, supporting existing projects, and strengthening relationships with underwriting capital in Europe.

Bates joins from offshore wind data technology business Miros, where he was group executive. He has over ten years of experience in offshore wind insurance, having previously headed offshore wind insurance at renewable energy underwriter, GCube, before joining Miros. Over the last decade Bates has been involved in over 100 renewable energy projects across Europe, Australasia, Africa, Asia and the US.

At Nardac he will lead the claims business, working with clients, loss adjusters and insurers and overseeing repair and replacement of damaged equipment, facilitating prompt claim payments, and dedicated claims advocacy.

Harries previously spent six years as an offshore wind analyst at Bloomberg New Energy Finance. His role involved assessing the viability and development of new offshore wind markets - predominantly across the US and Asia - and modelling new modes of project finance, revenue streams and M&A opportunities.

At Nardac he is responsible for bringing a sharper focus to market risks for European offshore wind projects and enhancing the group’s consultancy and advisory capabilities.

Nardac said it wants to enhance its regional footprint as it secures more work in Europe’s offshore wind markets.

Jatin Sharma, Nardac founder, said: “European and North American governments have made renewable energy investment a central plank of post-Covid recovery strategies, and there is a clear opportunity to provide new and emerging clean energy investors and developers with some of the best expertise available.”

Bates said: “Nardac intends to revolutionise insurance broking, taking seriously the challenges thrown up by the climate emergency, digitalisation, and, of course, the COVID-19 pandemic. The unprecedented disruption of the past 12 months, combined with some significant Natural Catastrophe events, has resulted in some consolidation among specialist renewable energy brokers and underwriters. But with a fresh approach to the marketplace, there are plenty of opportunities to support a raft of new market participants.”

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