MS Amlin partners with Altelium to provide new battery energy storage insurance solution
~ Partnership to support growth of the clean energy market ~
MS Amlin Underwriting Limited (MS AUL), the Lloyd’s leading global (re)insurer, today announces its partnership with Altelium to launch a client-centric battery energy storage system (BESS) construction all risk and operational all risk insurance solution, as part of its commitment to supporting sustainability.
Altelium is a specialist insurtech business which offers insurance for batteries, underpinned by real-time AI-powered data analytics. The new arrangement is designed to help solve BESS customers’ insurance needs and accelerate the growth of renewable energy and battery storage systems.
As the battery energy storage market continues to grow rapidly, the planning and development time between concept, construction and operation is reducing. Companies involved in battery storage are therefore challenged to secure insurance which can be both customised to their needs and completed on time.
Having identified this potential barrier to both industry growth and the global transition to a clean energy system, MS AUL partnered with Altelium to fill the gap. The partnership will offer insurance capacity to support clients that build and operate energy storage facilities of all sizes.
Julian Samuel, Head of Natural Resources, MS AUL, commented: “We’ve partnered with Altelium, a specialist in this sector, because of their deep technical knowledge and expertise within the battery market. I’m delighted that through this partnership, we are playing a part in the effort to combat climate change”.
Altelium Co-founder Ed Grimston said: “We’re delighted to have MS Amlin Underwriting Limited partner with us to provide BESS operational all risk and construction all risk solutions, part of our wider portfolio of products and services across the battery value chain, which includes warranties on BESS and electric vehicles.”
Note to editors:
About MS Amlin
MS Amlin Underwriting Limited is a leading global (re)insurer, part of the global top-10 insurance group MS&AD, with operations in the Lloyd’s, UK, Middle East and Asia markets. With a 300-year record, we deliver a quality service for businesses facing the most complex and demanding risks. Our role places us at the forefront of the Property & Casualty, Marine and Reinsurance markets. We are experts in underwriting, with both technical capability and deep knowledge of the areas we insure. Our claims service aims to set the industry reference point for quality, with efficient, fair and timely claims management.
Altelium provides battery insurance, warranties and fire risk consultancy for energy storage and electric vehicles.
Its customised insurance solutions for financiers, asset owners and OEMs across the globe include operational all risk (OAR), construction all risk (CAR) and extended warranties, based on applied battery telematics and battery chemistry knowledge, enhanced with AI.
Customers are provided with an integrated management system though a Cloud-enabled platform, including automated pricing, issuance and underwriting of insurance products, plus the information needed to maximise the operational health, safety and longevity of battery assets.
Developed by a team of world class battery and fire safety experts including Professor Harry Hoster, Professor Paul Christensen, Chief Fire Officer Tony McGuirk and Power Risk Engineer Paul Markham, Altelium is an end-to-end battery insurance and risk management solution.
Built on the foundations of a Lloyd’s insurance heritage, powered by the latest scientific know-how and AI, Altelium is a trusted partner on the path to net zero.