Management Consulting
Aon
Full Credential Description
A global solar power developer faced significant challenges in securing affordable insurance for its large-scale projects, which included risks related to solar panel degradation, theft, and performance guarantees. Traditional insurance options were inadequate, leading to high costs and limited coverage. To address these issues, the developer utilized a captive insurance solution through White Rock, which involved the creation of an insurance captive using incorporated cell and segregated account facilities. This tailored approach allowed the developer to obtain comprehensive coverage specifically designed for the unique risks associated with solar energy projects. As a result of implementing this captive insurance strategy, the developer achieved substantial cost savings while also benefiting from the flexibility and customization that captives provide. The funds retained within the captive were strategically allocated to research and development initiatives, which not only drove innovation but also contributed to reducing the company's carbon footprint and promoting long-term sustainability. This approach ultimately enhanced investor and shareholder confidence, demonstrating the financial viability and resilience of the developer's projects in the competitive renewable energy market.