Titanic Loss Book on Display at All Island Renewable Energy Conference

titanic-loss-book-1Press Release

April 18, 2013

The original Lloyd’s Titanic loss book was on display at the Lloyd’s All Island Renewable Energy Conference held in Titanic Belfast in partnership with Invest Northern Ireland and the Green International Financial Services (GIFSC).

The GIFSC-backed event saw more than 200 players in the renewable energy sector across Ireland and the UK come together in Belfast to discuss finance and investment, planning and project development and insurance for the sector.

Opening the event Eamonn Egan, Lloyd’s Country Manager for Ireland, said: “In terms of wind energy, Ireland has the resource potential to generate far more wind energy than domestic consumption demands; while on the other hand, the UK is not expected to meet its targets without buying substantial amounts of wind energy from Ireland.

“A number of ambitious projects are already in progress exploring these export prospects and insurance will inevitably have a key role to play in bringing these developments to fruition.”

He added: “Events such as our All Island Renewable Energy Conference in Titanic Belfast enable us to showcase what the Lloyd’s market has to offer to an industry audience and also emphasise the significant role which insurers have to play in delivering a successful project.”

Lloyd’s insured the Titanic 101 years ago and when the news was conveyed to London that it had sank, it was recorded in the book that was at the event – in Belfast for only the second time in history.

2011 was the worst year on record for natural catastrophes with Lloyd’s experiencing losses of £600 million. Two weeks ago Lloyd’s announced its latest accounts, which revealed profits of £2.7 billion – in the 325th anniversary of the market.

Stephen Nolan, Executive Co-ordinator, GIFSC, said: “Ireland really has a unique proposition when it comes to the renewable sector and green funds which is an area GIFSC has targeted as a core area to grow assets under management and create jobs in Ireland.

“We were delighted to be involved in this conference which was designed to highlight what Ireland has to offer in the sector north and south and examine the important finance, investment and risk management issues confronting the renewable energy business.”

He added: “Ireland is rapidly emerging as the natural choice for green finance and we have set the target to grow assets under management in this sector from today’s $20 billion to $200 billion by 2017.”

The Irish and UK energy ministers recently signed a memorandum of understanding in Dublin, agreeing to assess the costs and benefits of trading renewable energy.

ENDS

Notes to Editors

Speakers at the event included Mark Giulianotti, Director, Green Investment Bank; Jantin Sharma, Head of Offshore/Business Development Leader, GCube Underwriting; James Green, Renewable Energy Practice Leader, JLT Group; Ed Hillier, Loss Adjuster, Matthews Daniel; Adrian Fox, Supply Chain & Technology Programme Manager, The Crown Estate; Peter Bachsleitner, Partner, Energy, Utilities and CleanTech, PCubed; David Surplus, Chairman, B9 Energy Group; Garrett Monaghan, Partner, Arthur Cox; Barry O’Flynn, Director, Environmental Finance, Ernst & Young; Ian McCarlie, Partner, Pinsent Masons. Closing remarks were made by Stephen Nolan, Executive Co-ordinator, GIFSC.

Pic Caption

In front of the original Lloyd’s Titanic loss book are: John Mullins, Managing Partner, Augmentis Ireland; Dr Paul Brewster, Chief Technical Officer, Pure Marine Gen Ltd; Mark Ennis, Chairman, Invest Northern Ireland; Mark Giulianotti, Director, Green Investment Bank, UK; Eamonn Egan, Country Manager for Ireland, Lloyd’s and Stephen Nolan, Executive Co-ordinator, Green International Financial Services Centre (GIFSC)

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