Optio hires nuclear insurance specialist to capitalise on growth opportunity

Northcourt, a specialist nuclear MGA recently acquired by  Optio Group, has hired a nuclear risk expert in London as managing director.

Mark Tetley brings extensive underwriting and broking experience, having developed nuclear programmes for Russia, Ukraine, Romania, Slovakia, Czech Republic, Bulgaria and China. He has served as managing director of the UK’s nuclear insurance pool Nuclear Risk Insurers, assisting the government with changes to the statutory nuclear liability legislation required by amendments to the 2004 Paris Convention.

Tetley has also been an expert representative of the international nuclear insurance industry at the Nuclear Law Committee of OECD’s Nuclear Energy Agency in Paris and is a lecturer at the International School of Nuclear Law. Recently, Tetley was engaged by the European Commission to lead a study on the insurance, private and financial markets in the field of nuclear third-party liability.

Alan Rickett, chief executive officer of Northcourt, said: “Mark understands not only the intricacies of the risks faced by nuclear facilities but has for many years led and been involved with the bodies that represent them at the highest international and governmental levels. His skills and knowledge complement that of the existing team extremely well, which will be invaluable in further developing Northcourt’s product and service proposition. I am absolutely delighted to welcome him to the team.”

Matthew Fosh, chief executive officer of Optio, added: “With the minimum required liability limits for nuclear institutions set to rise dramatically in January 2022, Optio acquired Northcourt in April to not only capitalise on the growth potential this creates, but substantially change the dynamics of the nuclear insurance market. Mark’s joining represents a significant step toward realising that ambition as, quite simply, there are very few people in the world with specialist knowledge to rival his.

“As governments look to nuclear energy to help decarbonise their economies and meet ambitious net zero targets, Mark’s expertise combined with that of the existing team places Optio at the forefront in meeting the changing needs of the nuclear industry.”

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