Meet Warren Diogo, Head of Renewable Energy, London Market & Europe Insurance
What’s your back story?
I’m a relative newcomer to Sompo International, having “virtually” joined the team in mid-2020 amid the COVID-19 crisis. I have spent my entire professional life in the insurance industry though, focusing on climate change and renewables working as an underwriter, a broker and a consultant over the last 20 years. Outside work, I like to combine my passion for trail running with charity fund-raising. I most recently completed the Jurassic Coast 50k Ultra, Dorset Ooser, Surrey Hills and Berlin Marathons– raising money for The Royal Marsden, Cancer Research UK and Havens Hospice.
Tell us about your market
Notwithstanding the dramatic evolution of our market since I first joined in 2007 this is still a really exciting time to be involved with renewable energy. It is quickly moving up the news agenda and deeper into the public consciousness. Prior to the outbreak of COVID-19, climate change had become one of the defining issues of our time, with its effects becoming more apparent by the day. With COP26 approaching and a real sense of urgency from governments to deliver net zero targets this will inevitably accelerate the shift to renewable energy. The U.S. and Europe are the most established markets for renewables and the majority of our portfolio is currently in those areas. A big part of our growth strategy is in emerging markets that are seeing significant investment and construction, including Latin America, South East Asia and Australasia. Offshore wind is another key growth area but with this comes a very challenging risk profile and the need for a highly technical and experienced approach to underwriting
What’s your USP?
Sompo International and the Energy team have a great reputation in the market; people are always impressed with the calibre of individuals that they deal with here. Also, as the oil and gas market transitions to renewables there is a real demand for relevant capacity and Sompo International stands out through its integrated approach and solid combination of risk appetite and long-term financial security. In my previous role the maximum line size was US$40 million, whereas here it’s US$100 million. This was a big draw for me, it means we can underwrite a much broader range of risks and take more meaningful leadership and support positions where necessary.
Last word
The growing ESG agenda and continued extreme weather related losses is driving greater scrutiny of underwriting portfolios – this is presenting a real opportunity for experienced insurers with ‘fit for purpose’ underwriting approaches that recognise the changing risk landscape and that can support the energy transition.