- By Martin Henderson
- 15 April 2020
Miller has significantly expanded our appointment as broker to an owner and operator of power generation plants in the UK and Australia, owing to the cross-selling capabilities and collaboration across multiple teams within Miller.
Formerly headquartered in the USA, the insured is now UK based and owns more than 3000 megawatts of electric generating capacity in six advanced technology projects.
The challenge
The power generation market is extremely challenging currently, not least with plants utilising coal. The client was facing significant premium and deductible rises from their direct placement insurer. Miller therefore brought together colleagues across all disciplines of international property insurance and reinsurance to investigate worldwide capacity options.
Our solution
Miller worked as one team to focus on the client and their combination of insurance needs, with the placement managed through a core client relationship team. It took some innovation on our part to present the risk to new insurers with the appetite, capacity and specialist industry sector knowledge capable of offering terms – principally the Asian market.
A detailed wording review was also necessary to ensure as close to ‘like-for-like’ to expiring as possible and to tailor coverage to the bespoke needs of the client. We arranged suitable fronting in the international placements to satisfy regulatory requirements and secured a three year deal in the interests of stability for the client.
The team also co-ordinated risk engineering surveys and reports to support the broking presentation. Furthermore, our in-house Analytics team supported the proposed optimum programme structure.
As a result of this comprehensive approach added to our history and reputation, the market felt confident in Miller’s own technical expertise and sector experience, which was an important factor.
Outcome
The continuation of a 10+ year relationship with the client, built on mutual trust and appreciation of Miller’s specialist consultancy, programme design, placement and claims handling expertise.
We have significantly extended our appointment resulting in the open market placement of all of its international power plants plus another, which is due on-stream this year. In addition, we have secured the appointment to stand-alone Terrorism/PV, Cyber and the UK trading and HQ office policy.
In challenging conditions, the client needed Miller to deliver – and we did.
