Beazley, the London headquartered specialty insurance and reinsurance company, has reached an agreement to acquire kWh Analytics, a US-based renewable energy MGA, in a move that will see the firm get embedded into its MAP (Marine, Accident & Political) Risks team.
Beazley explained that the global energy transition represents a “significant strategic growth opportunity” and that it is focused on underwriting the complex risks that will enable the transition.
Considering this, the specialty re/insurer stated that acquiring kWh Analytics will enhance its scale and bolster its abilities in modeling, underwriting, and risk management for renewable energy portfolios.
Jason Kaminsky, CEO of kWh Analytics, will report directly to Tim Turner, Group Head of MAP Risks and be a key part of the transition underwriting strategy which is led by Kelly Malynn.
Kaminsky, commented: “Joining Beazley represents an exciting new chapter for kWh Analytics. Together, we will accelerate the development of risk products and services that support the energy transition. Beazley’s global reach and commitment to innovation make them the right partner to scale our mission.”
Adrian Cox, CEO of Beazley, said: “The energy transition represents one of the most significant opportunities for the specialty insurance market. At Beazley, we see transition underwriting as a dynamic, long‑term driver of structural growth, with investment in the energy transition projected to reach multiple trillions in the next decade.
“kWh Analytics’ reputation as an innovative player in the renewable energy space is well established, and this acquisition reflects our continued investment in the capabilities needed to support our transition clients with solutions to complex risk. I’m excited to work with the fantastic team at kWh Analytics.”
Evercore Partners International LLP acted as sole financial adviser and Freshfields Bruckhaus Deringer LLP served as legal adviser to Beazley. McDermott Will & Schulte LLP acted as legal adviser to kWh Analytics.
Artemis spoke to kWh Analytics’ CEO Jason Kaminsky last year, who explained how a number of specialty insurers are increasingly turning to parametric insurance solutions as an effective tool to help support clean energy deployment, particularly by stabilising revenues and improving access to project finance.
kWh Analytics is highly involved in supporting renewable energy project finance transactions, having most recently created and implemented the wind proxy hedge to support developers of wind farms.
Last year, the firm closed a Munich Re-backed parametric wind proxy hedge for Apex Clean Energy.
