Lockton launches dedicated Offshore Projects Practice

Independent insurance broker Lockton has launched a new dedicated Offshore Projects Practice to navigate complex Energy, Marine and Power risks, to be headed by Jack Swift, David Vajnai and Alex Morgan.

The offshore industry faces challenges in securing capital and insurance due to the costly claims profile of offshore wind and interconnector projects, as well as the energy transition requirements of insurers, investors, and banks for oil and gas projects.

Lockton’s Offshore Projects Practice is to offer unique solutions to secure coverage the clients need, providing reassurance that there is still a robust market for their ventures, the firm stated.

Swift, Vajnai and Morgan will lead the practice alongside Lockton colleagues including Upstream Energy Leader Matthew Preston, Construction Leader Robert Wilson and Renewable Energy Leader Michael Bogdan.

The Practice has been created as a network of Associates within Lockton that will help clients with bespoke risk transfer solutions for offshore projects.

The new team will offer a suite of products specifically tailored to Lockton clients in the areas where Upstream Energy, Marine and Power intersect with one another. The practice has been set up to bring clients the strategic benefits of those separate classes and fill the gap where clients require solutions for risks that don’t fit easily into one of the three classes.

The new team will offer a suit of products tailored to Lockton clients where Upstream Energy, Marine, and Power intersect.

The practice aims to provide clients with strategic benefits from each of those classes, and it fills the gap for those requiring solutions to risks that do not easily fit into one of the three classes.
Areas that require these solutions include: interconnectors; subsea cables; FPSOs (Floating Production Storage and Offloading); FLNGs (Floating Liquefied Natural Gas); FSRUs (Floating Storage Regasification Unit) and other specialist platforms and vessels; pipelines; renewable energy installations, and related equipment essential for offshore oil, gas, carbon capture, wind and renewable energy operations.

They share many common features, such as their exposure to marine perils arising from the hazardous offshore environment, Lockton noted.

Jack Swift, Head of Offshore Projects at Lockton, said: “Our new Offshore Projects Practice will bring strategic benefits for our clients by integrating energy, marine and power insurance. I’m excited to lead Lockton’s team of highly experienced offshore risk experts who tackle the most challenging and unconventional offshore risks with confidence and precision.”

EJ Hentenaar, CEO of Lockton Europe, added: “At Lockton we understand that sectors like offshore require more than just off-the-shelf insurance solutions. This isn’t just about insurance – it’s about partnering with our clients to navigate risks that don’t fit neatly into one category of insurers’ internal underwriting guidelines.

“That partnership is the difference to how we operate with clients, providing tailored risk management strategies that go beyond mere transactions and making sure that they have the protection they need to succeed.”

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