Lockton launches dedicated offshore projects practice
A dedicated offshore projects practice to help navigate complex energy, marine and power risks has been launched by Lockton in London. The broker said the new practice is a network of associates within Lockton that will help clients with bespoke risk transfer solutions for offshore projects.
EJ Hentenaar, CEO of Lockton Europe, said: “At Lockton we understand that sectors like offshore require more than just off-the-shelf insurance solutions. This isn’t just about insurance – it’s about partnering with our clients to navigate risks that don’t fit neatly into one category of insurers’ internal underwriting guidelines. That partnership is the difference to how we operate with clients, providing tailored risk management strategies that go beyond mere transactions and making sure they have the protection they need to succeed.”
The offshore projects practice will be led by specialists Jack Swift, David Vajnai and Alex Morgan, alongside Lockton colleagues including upstream energy leader Matthew Preston, construction leader Robert Wilson and renewable energy leader Michael Bogdan.
“The new team will offer a suite of products specifically tailored to Lockton clients in the areas where upstream energy, marine and power intersect with one another,” said Lockton. “The practice has been set up to bring clients the strategic benefits of those separate classes and fill the gap where clients require solutions for risks that don’t fit easily into one of the three classes.”
Lockton said the areas that require these solutions include: interconnectors; subsea cables; FPSOs (floating production storage and offloading); FLNGs (floating liquefied natural gas); FSRUs (floating storage regasification unit) and other specialist platforms and vessels; pipelines; renewable energy installations, and related equipment essential for offshore oil, gas, carbon capture, wind and renewable energy operations.
According to Lockton, many stakeholders in the offshore industry find it difficult to secure capital and insurance, due to the costly claims profile in offshore wind and interconnector projects, and the energy transition requirements of insurers, investors and banks for oil and gas projects. Lockton said the new practice “is uniquely positioned to secure the coverage clients need, providing reassurance that there is still a robust market for their ventures.”
Swift, head of offshore projects at Lockton, said: “Our new offshore projects practice will bring strategic benefits for our clients by integrating energy, marine and power insurance. I’m excited to lead Lockton’s team of highly experienced offshore risk experts, who tackle the most challenging and unconventional offshore risks with confidence and precision.”
