Axa strikes renewables partnership and expands construction offering
Axa Insurance UK has entered a delegated authority partnership with Lime Underwriting to provide “innovative decommissioning bonds” for the UK’s renewable energy sector, as the insurer also made updates to its construction offering.
With around 13,000 projects currently generating 45% of the country’s electricity, Axa claimed the new partnership will support the projected growth of up to 10,000 new projects.
It added teaming up with Lime will help site operators manage decommissioning funds and reduce cash flow pressures.
Lloyd’s managing general agent Lime was founded in 2013 by US Risk (UK), with backing by BP Marsh. At the time Lime explained it would target both regional and London markets.
Axa noted Lime’s
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