SRS to manage renewable power insurer

Strategic Risk Services has partnered with Paratus Holdings to set up an insurer to provide cover to the renewable power industry. 

Paratus said the Guernsey Financial Services Authority had granted approval to Paratus Renewables Insurance to expand  its product offering beyond aviation, maritime, and freight to renewable power including wind, solar, biofuels, and hydrogen.

“Paratus renewable power insurance protects generators from adverse energy price risk, improving the competitiveness of renewable assets when compared to traditional price risk mitigation solutions,” the company said. 

“Equally, their policies enable power consumers to better manage operating costs and protect balance-sheets in a highly opaque marketplace. Through a deep understanding of the renewables energy sector, Paratus partners with clients to navigate a complex energy market.”

In January 2024, Paratus announced the completion of a growth equity investment from Ara Partners, a global private equity and infrastructure firm focused on industrial decarbonisation. The Ara investment has provided the capital required for Paratus to significantly scale and enhance the product offering.

Gus Majed, Group CEO and Founder, Paratus, said: “The renewable power licence is central to our future growth. We are writing the world’s first policy for renewable power price protection and our product will have a transformative impact on the renewable energy industry. It will help catalyse the growth and competitiveness of renewable power assets, as Paratus expands across the UK, Europe and the US.

Our focus is on providing clear, simple and transparent solutions that transform how firms mitigate adverse energy price volatility.” 

“We couldn’t be happier to support Paratus in the efforts to provide the right type of coverage to the renewable power industry,” said Adele Gale, deputy managing director – SRS Europe. “SRS, for more than 20 years around the world, has worked to support how businesses mitigate risk. This insurer will disrupt and accelerate the renewable power generation capabilities globally. And we’re thrilled to be a part of this effort.” 

Paratus is also partnering with px Group, a fully licenced Ofgem supply business that provides power balancing capabilities. This partnership enables Paratus & Partners, the Group’s insurance brokerage division, to leverage px Group’s capability to provide Paratus and clients with compelling economics for physical offtake and 24/7 monitoring services, when they take out an insurance policy.

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