Miller has recently placed both the operational property and terrorism programmes for a 660mw coal-fired thermal power plant in the Philippines.
This single site plant was acquired by a large Philippine conglomerate from a US listed Fortune 200 global power company, with a sale value of USD1.9bn. As well as the (re)insurance market in Asia going through a period of change, underwriters are scrutinising their operational power portfolios, with leading reinsurers abstaining from writing operational power fuelled by coal. This change in underwriting philosophy is on the back of the recent Paris climate accord, with leading reinsurers opting to follow the ‘green energy’ movement. In light of this, it was imperative that a strategic combined effort between both Miller Singapore and London was adopted.
Miller's Property and casualty expertise
This placement was highly unusual for Asia, with conditions not typically seen in a single site risk. The site is located within Munich Re Zone 3, with full Natural Catastrophe Coverage on a combined physical damage/business interruption USD1bn limit. The terrorism placement included a combined single limit of USD600m, with an electronic data sublimit of USD200m, which underwriters noted as the largest limit seen in region.
To find out more about Miller’s capabilities in this sector, or to discuss any needs you have, please contact Julian Coates.