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United Insurance Brokers (UIB), an international insurance and reinsurance broker with headquarters in London, UK, has announced that it has won a contract to provide reinsurance for a 100MW power plant in southern Ukraine.
UIB won the reinsurance contract with support from the company’s property head Mark Ritson’s team in the UIB London office as well UIB’s Ukraine office. The win is in line with the company’s expansion plans to double the size of its property division within two years by offering a braoder range of products across a wider number of territories.
The associate director and lead broker for this account, Peter Draper, explained that this latest win has been “a boost to the property team and its ambitions and further vindicate our strategy of closer engagement of the London team with our local offices to win business. This requires greater dedication and more travel for the London team but these deals signify that this effort and the strategy are now bearing fruit. We continue to actively engage with underwriters in London about this and our appetite to innovate by devising tailored solutions as part of our intention to grow by bringing more large accounts to London”.
The 100MW plant, which was installed by Activ Solar, has been labeled as Europe’s largest solar park. It is located in Perovo in Crimea and was completed towards the end of 2011.
The Ukrainian government has set a target to double its solar PV capacity in 2012. This target forms part of the government’s larger plans to increase Ukraine’s solar capacity in order to reduce its dependence on coal and nuclear power which accounts for the majority of its electricity.