Ryan Specialty Underwriting Managers, the specialty underwriting division of Ryan Specialty, announced the formation of Ryan Specialty Renewables, a new international business unit consolidating its renewable energy underwriting operations.

Ryan Specialty Renewables will integrate managing general underwriters PERse Americas, PERse International, de novo formations by Ryan Specialty, and Albus, previously part of Castel Underwriting Agencies, which was acquired in May 2024. The consolidation is expected to proceed through the second half of 2025 as operations are aligned.

The launch of Ryan Specialty Renewables follows the 2024 expansion of Ryan Specialty’s global renewable energy footprint through the establishment of PERse International. Based in London, PERse International specializes in both onshore and offshore renewable energy insurance and operates under Ryan Specialty Underwriting Managers.

The new business unit will provide insurance solutions for offshore and onshore wind, solar, battery energy storage systems, and other energy transition assets on a global scale. Its offerings will include coverage for operational facilities, construction, transit, and natural catastrophes, with plans to expand into additional areas supporting the global energy transition.

Mark Engel (pictured above), CEO of marine and energy for Ryan Specialty Underwriting Managers, said Ryan Specialty’s existing renewable energy brands have established a presence in the sector.

“As Ryan Specialty Renewables, it facilitates global collaboration by sharing expertise, knowledge, best practices, in-house engineering capabilities, data insights, and providing innovative insurance solutions specifically tailored to renewable energy projects worldwide,” Engel said.

James Montgomery, CEO of RSUM International, said unifying PERse International and Albus under the Ryan Specialty Renewables brand represents a milestone for the firm’s international operations.

“Both MGAs have built strong reputations in the London market, and by bringing them together, we are creating a more agile, collaborative, and globally connected platform,” Montgomery said.

As part of the restructure, Engel will continue his responsibilities as CEO of marine and energy for RSUM. Jeff Smith has been named president, North America, Ryan Specialty Renewables, overseeing PERse Americas. Smith, a founding member of PERse Americas, brings more than 20 years of experience in the renewable energy insurance sector.

Stuart Burchell has been appointed president, international, Ryan Specialty Renewables. Burchell, who has worked in renewable energy insurance since 2002, joined Ryan Specialty with the founding of PERse International in 2022 and has led the unit since its inception.

The broader renewable energy insurance sector is facing mounting challenges as it scales across North America. Insurers must navigate risks including extreme weather, changing regulatory landscapes, and variable construction timelines.

These factors increase the complexity of underwriting renewable energy projects, requiring more precise risk assessment and policy structuring to accommodate unpredictable exposures throughout project lifecycles.

Despite these challenges, the renewable energy sector has demonstrated resilience. According to a report by WTW, the market continues to grow amid climate variability, supply chain disruptions, and geopolitical tensions.

Although profitability varies across energy classes, the industry has shown improved sustainability and has strengthened relationships between insurers and insurance buyers, reinforcing confidence in the sector’s long-term outlook.

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