Allianz Engineering, Construction & Power (EC&P) has brought its renewable energy experts into one team, with the ambition to grow its green power portfolio. The cross-regional team of local underwriters will service brokers and customers working in the renewable energy sector. The new structure, working from a single hub, will add valuable expertise, resilience and scale, aiding all Allianz’s interactions with its broker partners.
Renewable energy capacity in the UK is expected to triple from 49GW in 2021 to 152GW in 2035, driven mainly by wind and solar, according to GlobalData. Under government plans, solar capacity could reach up to 70GW by 2035, from 14GW currently.
Allianz, which was the first insurance member of Solar Energy UK, is committed to supporting the net zero transition by providing, among other things, risk transfer solutions and services in the renewable energy space. Its core underwriting appetite encompasses onshore wind, solar, hydro power and Short Term Operational Reserve (STOR), although it is also considering other renewable sources and emerging technologies and is looking forward to expanding that appetite.
The new structure of the Allianz renewable power team will complement the expert-led model where underwriters are specialists rather than generalists.
Jonathan Oldfield, head of Allianz EC&P, Customer and Distribution, comments: “We believe this will best service the needs of our existing and future customers and enable us to fulfil our growth ambitions. We have the expertise, and we are looking forward to working even more closely with our broker partners to enable our customers to benefit from it.”