Energi, Aon Benfield and Grayling seek to increase capacity in energy markets
PEABODY, MA – (September 23, 2013)– Energi, a leading provider of risk management and insurance programs for the energy industry, today announced the Oil & Gas Drilling Symposium, which will take place October 23 – 24 following the conclusion of the 2013 Property Casualty Insurers (PCI) Annual Meeting in Boston. The symposium will emphasize risk mitigation related to hydraulic fracturing and will be co-hosted by Aon Benfield and Grayling.
The symposium will convene oil and gas industry experts and regulators to share their insights on the current state of oil and gas drilling, and lessons learned in safely developing shale resources, working with oil and gas stakeholders, and minimizing environmental impacts and risks. Specifically, speakers including the American Petroleum Institute and Environmental Defense Fund will examine safety best practices, existing and upcoming regulations, and risk mitigation.
“The boom in U.S. energy production has created unique concerns within the reinsurance market over the inherent risks associated with oil & gas exploration. Unless reinsurers can understand the exposures that exist they will remain reluctant to participate in this sector,” said Brian McCarthy, CEO of Energi. “Energi and its partners Aon Benfield and Grayling believe that by hosting this Symposium, the reinsurance industry will gain a better understanding of the best practices that are available within the oil and gas exploration industry and will ultimately lead to increased capacity within these energy markets.”
The two-day event will begin at the Boston Marriott Copley Place, which is also the venue for the PCI Annual Meeting. After a day of education and training sessions, interested participants will visit oil and gas drilling sites in Western Pennsylvania to see best practices in action. Other sponsors of the Symposium include the Center for Sustainable Shale Gas Development and Marcellus Shale Coalition.
“We find that certain reinsurers are understandably reluctant to enter the oil and gas market due to a limited experience and knowledge of this particular field,” said Jeremy Goodman, EVP at Aon Benfield. “As leaders in the energy insurance industry, Energi, Aon Benfield, and Grayling aim to increase the availability of information on this sector so that the reinsurance community is better informed on specific processes, such as hydraulic fracturing and drilling, and on the potential for environmental and pollution liabilities. The Symposium enables us to increase awareness of the best practices that are already in place in the oil and gas exploration and production industry, and in turn raise confidence in the sector and drive the provision of capacity from the global reinsurance market.”
For more information about the symposium and to gain an invitation, please visit the event website: www.emaxxgroup.com/energy
Energi is a Peabody, Massachusetts-based industrial reinsurance company that provides specialized insurance and risk management products to targeted market segments of the North American energy industry. The core programs include fuel distribution, fuel transport, energy construction, agricultural cooperatives, renewable energy, energy efficiency, utilities and oil & gas exploration. Founded in 2005 by insurance professionals and energy industry leaders, Energi is licensed in all 50 states. For more information, visit www.emaxxgroup.com.
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