Renewable Energy Solutions and beyond for Munich Re Specialty

Along with the excitement, determination and energy you bring in the first few months, you can’t help but sometimes be overwhelmed at times when you join a new organisation.

There are familiar challenges that we all encounter; building out a ‘who’s who’ in the company, where to go for information and integrating into a new office environment – which is quite the shock to the system after founding a startup.

Since the announcement which launched Green Solutions within the Munich Re Specialty – Global Markets portfolio, what I’ve pleasingly walked into at Munich Re is an extremely collegiate team comprised of highly talented risk professionals.

Tim’s leadership of our Renewable Solutions team has been providing traditional construction and operational risk protections for events such as property damage and associated delay in start-up or business interruption to our clients.

From our perspective, as the global energy transition has progressed, we are seeing an increased demand from the market to continue moving toward renewable energy. But to support this, it is our job to listen to and understand the challenges faced by our clients, and use those learnings to ensure we can provide scalable, relevant and consistent risk transfer mechanisms which enable development. By taking on these risks, we can help increase the pace of investment into the renewables energy sector.

For 2024, our priorities for Renewables Energy Solutions are to drive growth by strengthening our proposition and coupled with expansion to further build underwriting appetite.

A cornerstone of our proposition has been leveraging a holistic approach across Munich Re Specialty - Global Markets. The scale, reach and financial backing of Munich Re means that by working with us, when clients wish to purchase our renewable energy solutions, we can offer a wide range of specialty insurance products which may complement that offering to deliver a well-rounded, comprehensive package. To truly bring a rounded and comprehensive package to support our clients with the energy transition, our broad expertise and holistic view is exactly the outlook we are hoping to take.

The message I’ve been sharing internally remains consistent to the one I’ve been sharing for the past two decades. The mission to deliver the transition towards a net-zero economy, supporting the advancement of green technology and increasing resilience for vulnerable communities is a goal we should take a proactive and fundamental lead on. But, how do we implement a proactive approach? By capitalising on the immense opportunity on offer to the insurance industry to unlock capital, build new solutions, drive growth and mitigate the variety of risks which can enable the energy transition.

To deliver this mission within the capacity and platforms we have at Munich Re Specialty – Global Markets is a prospect I am thrilled to be taking on, and you’ll be hearing more from me on how our mission is progressing.

Julian Richardson
CUO, Green Solutions