Energy - Property

What is AIG Energy - Property?

  • AIG provides brokers with specialized insurance solutions for their upstream, oil and petrochemical, chemical, power generation / renewables and mining clients’ property insurance needs.

  • Broad, flexible appetite; open to risks on a shared, layered or excess basis.

  • Up to $500M in capacity for onshore business and up to $400M in capacity for upstream business available.

  • Minimum premium of $100k for onshore business and $50K for offshore (oil rig) business.

Deep In-house Expertise

AIG Property Claims Promise

Global Footprint with Local Knowledge

The AIG Advantage

Specialized Underwriting and Risk Engineering

  • Delivers customized energy property programs tailored to help protect against clients’ complex, specific onshore or offshore industry risks 

  • Employs multidisciplinary property risk engineers with deep industry expertise 

  • Partners with clients to provide risk engineering recommendations supported by claims and underwriting teams and robust data and analytics


Why is this important?

AIG Energy’s specialized underwriting and risk engineering capabilities provide flexible coverage solutions to address clients’ specific and complex risks.

Multinational Expertise and Captive Management

  • Supports clients with one of the largest global networks in the industry, spanning 215+ countries and jurisdictions

  • Works with clients to create fronting programs that enable clients to manage their risks through a client’s own captive insurance or reinsurance company

  • Offers clients the ability to “rent” a segregated cell within one of AIG’s sponsored captive cell facilities domiciled in Vermont and Bermuda


Why is this important?

AIG Energy delivers service globally, with local expertise, enabling clients to address risks with insurance and/or captive alternatives.

Proven Claims Expertise

  • Upon property damage coverage confirmation, the AIG Property Claims Promise provides working funds of up to 50% of AIG’s share of the agreed property damage estimate within 7 days 

  • Provides clients a supportive team of dedicated in-house claims professionals with an average experience of 20+ years 

  • Partners with clients to resolve claims in an efficient and effective manner, in accordance with the terms of the policy


Why is this important?

AIG Energy’s dedicated claims team has the expertise to efficiently resolve claims, helping clients return to business as soon as possible.

Why AIG

Specialized Underwriting and Risk Engineering

Issue: An energy client was struggling to address their cavern storage risk exposures.

Solution: After visiting the client’s site, AIG Energy’s risk engineers were able to provide a highly customized loss prevention plan addressing the client’s unique exposure.

Benefit: The client was able to address their exposure with the help of AIG’s deep risk consulting knowledge and underwriting expertise.
 

Why is this important?

AIG develops customized, client-specific solutions supported by AIG Energy’s Risk Engineering expertise.

Multinational Expertise and Captive Management

Issue: A mid-stream energy company was expanding internationally resulting in a need for a new energy insurer that could lead its property program, including multinational fronting.

Solution: AIG Energy provided a global property program structure consisting of primary coverage reinsured to the client’s rent-a-captive cell reinsurer.

Benefit: AIG’s solution supported the client in finalizing their global expansion.

Why is this important?

AIG Energy’s dedicated expertise provides holistic solutions domestically and around the world.

Proven Claims Expertise

Issue: A client suffered a catastrophic failure of a gas  turbine generator.

Solution: AIG Energy claims professionals were on site the next morning and were able to determine that the loss would be a covered claim.

Benefit: Due to AIG’s Property Claims Promise, AIG was able to advance up to 50% of the agreed property damage loss estimate to support the funding to expedite the delivery of a new unit minimizing impairment to their operations
 

Why is this important?

AIG’s Energy claims team partners with clients to resolve claims quickly.

North America Leadership

Warren Meigs

Head of North America Energy

John E. Roberts

VP, Energy and Construction Claims

Paul Hart

Property Risk Engineering Lead

Downloadable Materials