Amboss Underwriting assumes Oilfield Insurance Agencies’ downstream portfolio

Amboss Underwriting assumes Oilfield Insurance Agencies’ downstream portfolio 150 150 Haggie Partners

Zurich-based Lloyd’s coverholder Amboss Underwriting (Amboss) has successfully assumed the portfolio of the Zurich branch of Oilfield Insurances Agencies.

Effective 17 April 2024, the announcement marks the commencement of Amboss’ operations in Zurich and Amsterdam. Amboss has received approval from Lloyd’s of London and Lloyd’s Insurance Company Brussels, allowing the company to write business in both the EEA and non-EEA regions as an approved coverholder.

Amboss will be responsible for all legacy business written by the Zurich branch of Oilfield Insurances Agencies, and the entire Oilfield onshore energy team in Zurich joins Amboss.

Amboss chief underwriting officer, Colm Kelly, said: “We are delighted and very excited to embark on this new journey. As part of our commitment to our valued clients and business partners, we can assure everyone that there will be no change in day-to-day operations. Amboss remains dedicated to upholding the highest standards and will continue to collaborate closely with our business partners as we have done for many years.

“Without the fantastic support of Alan Smith of Oilfield, we would never have reached this point. We also wish to thank all our brokers and mutual clients who believed in us, and our carriers who have facilitated our growth to a position of relevance. We look forward to engaging further to find mutually sustainable solutions for all parties.”

The Amboss underwriting team brings with them extensive expertise in underwriting an onshore energy portfolio, boasting a collective experience of 80 years in underwriting and claims handling. Led by Kelly, who holds more than 30 years of experience in this field, the team is well-equipped to provide exceptional service.

Amboss’ target business lies in the full spectrum of the midstream and downstream sectors of the energy industry, with a particular focus on supporting clients through the energy transition to a more carbon neutral future. Supported by more than USD40m of Lloyd’s security, Amboss will continue to expand and develop the portfolio, while exploring further lines of business for diversification.

EEA business operations are managed through the wholly-owned subsidiary, Amboss Underwriting B.V., based in Amsterdam. Non-EEA business activities are overseen from the head office in Zurich.