Amboss Underwriting Assumes Oilfield Insurance Agencies’ Downstream Portfolio

Zurich-based Lloyd’s coverholder Amboss Underwriting has assumed the portfolio of the Zurich branch of Oilfield Insurances Agencies.

Effective April 17, 2024, the announcement marks the commencement of Amboss’ operations in Zurich and Amsterdam. Amboss has received approval from Lloyd’s of London and Lloyd’s Insurance Company Brussels, allowing the company to write business in both the European Economic Area (EEA) and non-EEA regions as an approved coverholder. (The EEA includes EU countries as well as Iceland, Liechtenstein and Norway.)

Amboss will be responsible for all legacy business written by the Zurich branch of Oilfield Insurances Agencies, and the entire Oilfield onshore energy team in Zurich joins Amboss.

“We are delighted and very excited to embark on this new journey. As part of our commitment to our valued clients and business partners, we can assure everyone that there will be no change in day-to-day operations,” commented Amboss chief underwriting officer, Colm Kelly.

“Without the fantastic support of Alan Smith of Oilfield, we would never have reached this point. We also wish to thank all our brokers and mutual clients who believed in us, and our carriers who have facilitated our growth to a position of relevance. We look forward to engaging further to find mutually sustainable solutions for all parties,” Kelly continued.

Led by Kelly, who holds more than 30 years of experience in this field, the Amboss underwriting team brings with them extensive expertise in underwriting an onshore energy portfolio, boasting a collective experience of 80 years in underwriting and claims handling.

Amboss’ target business lies in the full spectrum of the midstream and downstream sectors of the energy industry, with a particular focus on supporting clients through the energy transition to a more carbon neutral future. Supported by more than US$40 million of Lloyd’s security, Amboss will continue to expand and develop the portfolio, while exploring further lines of business for diversification.

EEA business operations are managed through the wholly owned subsidiary, Amboss Underwriting B.V., based in Amsterdam. Non-EEA business activities are overseen from the head office in Zurich.

Source: Amboss Underwriting

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Agencies
Underwriting