Skuld has a long-standing commitment to the renewable energy sector and has been closely involved in the offshore wind industry since its early stages. As early as 2010, Skuld supported some of the first offshore wind farm construction projects, acting as preferred insurance partner to leading industry players including Fred Olsen Windcarrier, SGRE and Ørsted. By providing liability solutions to contractors, shipowners, charterers, developers, and operators, Skuld has been part of the offshore wind industry's journey through multiple stages of growth, innovation and increasing complexity.
Through this journey, we have developed insight into the technical, contractual and risk-related challenges faced by the offshore wind sector. We have seen the claims and contractual environment mature from limited familiarity with the knock-for-knock regime and marine risk to a more balanced allocation of risk between contractors and developers. At the same time, rapid technological advancement and the emergence of new and larger vessel types have significantly changed the risk landscape. Supporting this industry requires forward-thinking underwriting, strong technical understanding and solution-oriented insurance structures.
Against this backdrop, Skuld decided last year to further strengthen its commitment to renewables by establishing a dedicated renewables division within Skuld Energy.
A focused team with sector expertise
The renewables division is led by Katinka Mørch Granberg, who brings close to 15 years of experience in marine and energy insurance. Since joining Skuld in 2012, she has played a key role in the energy team, gaining knowledge through secondments with Maersk and leading Brazilian law firm Kincaid. Her background reflects Skuld's international outlook and integration with the offshore energy value chain.
The underwriting team combines dedicated liability and property expertise. Truls Kvalnes, Assistant Vice President, has extensive experience in energy-related property risks, both from his time as a property placing broker at Willis Towers Watson and through his role at Skuld. He has also been involved in the development of the Nordic Offshore Wind Insurance Conditions (NOWIC) for Cefor.
Elling Magnussen, Assistant Vice President, has more than 15 years of experience at Skuld and plays a key role in the liability underwriting within Skuld Renewables. He specialises in mutual and fixed P&I, offshore liability and charterers' liability for offshore wind operations.
In addition to the underwriting team, Skuld Renewables is further supported by a dedicated technical manager, Adrian Rognerud, who performs technical risk assessments with particular focus on floating offshore wind. Adrian brings broad experience from the energy sector and has played a key role in handling some of the most significant casualties handled by Skuld over the past decade, strengthening Skuld's technical capability within offshore renewables.
Comprehensive insurance solutions for offshore wind
The purpose of Skuld Renewables is to deliver tailored insurance solutions for contractors, shipowners, developers and owners of offshore wind farms. Historically, we have focused on providing mutual P&I cover and additional offshore liability extensions. In the floating offshore wind sector asset owners increasingly require P&I coverage for their floating turbines, and Skuld provides fixed P&I solutions for these assets. Additionally, developers or owners of wind farms may need charterers' liability cover to address potential liabilities arising from their activities as charterers.
Since 2011, Skuld's offering has expanded to include Hull and Machinery (H&M) and specialised property damage cover for offshore wind operations. Today, Skuld is a leading H&M underwriter for marine spread involved in the transportation, construction and maintenance of offshore wind farms.
More recently, we have expanded our physical damage offering to include offshore wind farm infrastructure, writing property risks and business interruption during both the construction phase (Construction All Risk (CAR)) and the operational phase (Operating All Risk (OAR)).
Providing both liability and property coverage gives the Skuld Energy team unique insight into the business and its risks, directly benefiting our members and clients.
Claims and contract expertise
One of Skuld Renewables' key strengths is the claims and contract team. This team comprises experienced industry lawyers based in London, Oslo, and Singapore. The team supports both underwriters and clients of Skuld Renewables on legal reviews of operational contracts. The service is personalised and free of charge. By reviewing hundreds of contracts annually, we have developed a unique understanding of the contractual frameworks governing offshore wind projects, knowledge that directly benefits our members and clients.
Looking ahead
Skuld's ambition is to be a market leader in bespoke insurance solutions for the renewable sector, with particular focus on offshore wind. Over the past year, we have engaged closely with brokers, members and industry stakeholders, receiving strong and encouraging feedback. Within one year of establishing our renewables division, we have successfully entered the offshore wind property market, underwriting both construction and operational policies despite challenging market conditions.
While our current portfolio is primarily based in Europe, we are actively exploring projects globally. With offices in Copenhagen, Hamburg, New York, Tokyo, London, Singapore and Oslo, we are well positioned to support offshore wind projects worldwide.
We are always interested in discussing how we can support new renewable projects, particularly floating and fixed wind farms, and look forward to supporting the next phase of the energy transition. Please do not hesitate to reach out to us.