The Guernsey Financial Services Authority (GFSC) has granted Paratus Renewables Insurance, as part of Paratus Holdings, regulatory approval to provide insurance cover to the renewable power industry.
The regulatory approval is said to expand Paratus’ product offering to include wind, solar, biofuels and hydrogen insurance solutions. The company’s renewable power insurance aims to protect generators from an adverse energy price risk and enable consumers to manage operating costs.
Group CEO and founder of Paratus, Gus Majed, states: “The renewable power licence is central to our future growth. Our renewable power price insurance policy will accelerate the transition to renewable energy sources and sustainable fuels.”
Strategic Risk Solutions (SRS) and px Group will also partner with Paratus to help establish Paratus Renewables Insurance. Adele Gale, deputy managing director of SRS Europe, comments: “SRS, for more than 20 years around the world, has worked to support how businesses mitigate risk. This insurer will accelerate the renewable power generation capabilities globally.”
