The latest product news from South Africa;
McGill and Partners, the largest independent global specialty insurance and reinsurance broker, and GIB, the largest independent South African insurance broker, have launched Protea Green, a new solution focused on the insurance of risks associated with renewable energy infrastructure in South Africa. It offers a comprehensive suite of insurance coverages tailored to the needs of developers, lenders and owners involved in South Africa’s energy transition.
Protea Green is a streamlined solution offering A rated insurance capacity throughout a project’s lifecycle. It has been designed by combining global insurance expertise with deep local broker relationships, leveraging McGill and Partners’ global market access, strategic insurer relationships and digital placement capabilities alongside GIB’s extensive local risk landscape expertise, relationships and unparalleled client service.
South Africa’s energy landscape is evolving rapidly and undergoing significant transformation. This environment has created a robust pipeline of renewable energy projects, with numerous utility-scale projects either under construction or in advanced planning stages. McGill and Partners and GIB believe that this sector has been underserved by the insurance industry to date. Protea Green has been specifically designed to offer an alternative to clients, by providing a more tailored solution with a comprehensive package of insurance coverage, refined to meet the needs of renewable energy projects.
Tom Sexton, Head of Renewables, Power and Energy at McGill and Partners, said: “This solution represents a timely and strategic response to the evolving needs of South Africa’s renewable energy sector. We are seeing a surge in renewable energy development. By combining technical excellence, strong broker partnerships and strategic relationships with leading global insurers, we can now offer a compelling alternative to support the changes we are seeing in the market. Protea Green has been specifically tailored to provide the key coverages sought by the developers, project owners and lenders involved in South Africa’s energy transition. With the differentiated, data driven and technology enabled approach that McGill and Partners always brings, we are well-positioned to become a leading provider of insurance solutions for renewable energy in South Africa and across the continent.”
Tanya van der Westhuizen, Head of Renewable Energy at GIB*, added: “As South Africa’s energy landscape continues its rapid transition, developers and lenders require highly specialized, bankable risk solutions. Protea Green is a game-changing facility that combines our deep, on-the-ground expertise with McGill and Partners’ global market access. By delivering tailored coverage and faster turnaround times, it provides the robust financial security our clients need to drive the continent’s energy future forward.”
Aviva, Volt and Munich Re Specialty – Global Markets are the three lead insurers for the Protea Green facility, alongside a dedicated panel of follow insurers. The solution is further strengthened by McGill and Partners’ strategic collaboration with AIG which deploys meaningful capacity of up to 25% across McGill and Partner specialty portfolio.
*GIB, the largest independent specialty South African insurance and reinsurance broker.
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