CASE STUDY
McGill and Partners: Early mover advantage
Key facts:
Product suite:
Global offshore renewables
Product
Offshore wind catastrophe models
Market Participation
Speciality broker
Results at a glance:
Won new business by differentiating McGill and Partners’ offshore wind offering with specialist catastrophe modelling.
McGill and Partners became an early adopter of Renew Risk’s purpose-built offshore wind catastrophe models.
Improved risk visibility across individual assets and portfolios, including loss accumulation and correlations between sites.
Enabled more informed pricing and insurance limits through a clearer understanding of natural catastrophe exposure.
Challenge
Offshore wind assets are complex, high-value and increasingly being developed in catastrophe-exposed regions. However, the market lacked purpose-built catastrophe models capable of accurately assessing these assets and showing how losses could accumulate across multiple sites. This limited the insight available to brokers, insurers and reinsurers when structuring and pricing risk transfer.
McGill and Partners recognised that early access to specialist offshore wind modelling could provide a meaningful competitive advantage; helping it offer clients deeper insight while supporting the creation of insurance solutions for an evolving asset class.
Approach
McGill and Partners became an early adopter of Renew Risk’s purpose-built offshore wind catastrophe models.
This early involvement enabled McGill and Partners to engage closely with Renew Risk and contribute its extensive market insight. Together, Renew Risk’s catastrophe modelling and McGill and Partners’ existing risk-engineering expertise provided a more complete view of offshore wind risk.
The models added a portfolio-level perspective that conventional site-specific engineering assessments could not provide. As well as assessing individual assets, they enabled McGill and Partners to consider the potential accumulation of losses across multiple sites, correlations between locations and the possible impact of offshore wind exposure on other lines of business.
These insights gave McGill and Partners additional evidence with which to advise clients, engage insurance markets and develop specialist offshore wind propositions.
“Working with Renew Risk has helped us deepen our understanding of offshore wind risk and bring a new level of analytics to clients operating in a rapidly evolving market. By leveraging Renew Risk’s catastrophe modelling capabilities, combined with our extensive market expertise, we’ve been able to gain fuller insight of the natural perils, help determine appropriate insurance limits, and better understand risk aggregation across multiple windfarms in one region.
The partnership has enabled us to further strengthen our offshore wind proposition, differentiate our offering and provide insurers and reinsurers with greater confidence when assessing complex renewable energy risks. As the sector continues to grow, we’re excited to continue working with Renew Risk to develop innovative solutions that support the transition to a more sustainable energy future.”
Outcome
Access to Renew Risk’s modelling allowed McGill and Partners to demonstrate a differentiated level of offshore wind expertise, win new business and develop specialist insurance facilities supported by analytics not otherwise available in the market.
Together, Renew Risk and McGill and Partners are able to provide insurers and reinsurers with an enhanced a clearer understanding of individual and portfolio-level risk. In turn, this has supported more informed pricing, more efficient access to risk-transfer capital and greater confidence when considering capacity for offshore wind projects in catastrophe-exposed regions.
“These catastrophe models provide all parties with a more accurate assessment of the risk, enabling such projects to become a reality – crucial if we are to transition to renewable energy sources.”
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