Gallagher Re has provided an update on its renewable energy practice and its outlook for the market at large in 2025.
The reinsurance specialist said that its renewable energy practice continued to expand in 2024, strengthening its position in the reinsurance market and building relationships with key clients.
First established in 2023 within the marine and energy team, the practice has grown its client base, particularly in Japan, China, Vietnam, and South Korea.
Following a series of client seminars led by technical experts Kirsten Bonke and Robert McMillan, Gallagher Re said that several Japanese clients placed their offshore wind portfolios with the company. The team also worked with clients on their April 2024 treaty placements, further expanding its engagement in the region.
Gallagher Re also participated in multiple industry events throughout the year, hosting seminars in Singapore, Shanghai, and Kuala Lumpur and attending the WindEurope Annual Event in Bilbao.
The company said that these efforts supported business development and increased engagement with potential clients and markets. The firm also emphasized a localized approach, working closely with regional teams to execute global expertise in key markets.
Gallagher Re said that in recent months, it has also seen an increase in inquiries from China, Vietnam, and South Korea, resulting in several successful placements. Some clients have begun to separate their renewables business from their broader energy reinsurance placements, reflecting a shift in how renewables are structured within risk portfolios.
While challenges remain in aligning expectations, technical provisions, and timelines, Gallagher Re said that it plans to address these issues in 2025 to improve market alignment.
Continuing from its bullish outlook in 2024, Gallagher Re projected that renewable energy insurance continues to expand as wind, solar, and other clean energy sources gain momentum.
While current development remains below levels needed to meet global net-zero targets, further growth is expected in 2025.
Looking ahead to the rest of the year, Gallagher Re said that it plans to support existing clients in growing their renewables business, expand its client base, and provide additional insights through white papers and online publications.
The firm also said it was committed to strengthening relationships and delivering technical expertise in a sector that remains a key part of the global energy transition.
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