A Bermuda-based joint venture company is offering property and liability insurance to nuclear utilities outside North America. The company, formed in 10 November, is co-owned by ACE Bermuda Insurance and Wilmington, Delaware-based Nuclear Electric Insurance Ltd (NEIL).
The joint venture will target companies currently insured under industry pooling arrangements. It will offer them replacement coverage at terms and rates based on individual assessments of their risks.
NEIL, a mutual insurer owned by its nuclear utilities, currently underwrites property and liability insurance for all operating US nuclear plants. Its Dublin-based subsidiary, Overseas Nuclear Electric Insurance Ltd (ONEIL), offers insurance to nuclear plants worldwide. It has resources to write property and business interruption limits of more than $3 billion.
ACE Bermuda operates in some 50 countries. It will underwrite to statutory limits for the domicile of each nuclear risk.
“NEIL and ACE bring to the nuclear market the best combination of financial and technical strengths available from any source,” said NEIL president Quintin Jackson. “We expect, through ONEIL, to develop a significant book of international nuclear business to complement our US book.”
