CHARLESTOWN, NEVIS, February 23, 2016
SKY RE Facultative and Treaty Ltd (SKY RE) announced today that it is participating in insuring an energy development project undertaken by Niger Delta Exploration and Production PLC.
Per its website, “Niger Delta Exploration & Production Plc (NDEP) is Nigeria’s first integrated oil and gas investment company.” SKY RE is participating in the development of the Ogbele Farm Out Area. As of March 2014, the field produces 4,500 barrels of oil per day as well as 30MMscf/d of gas. NDEP is currently further developing the field envisioning 15 – 18 wells at a cost of USD 300 – 400 Million. SKY RE’s role in developing the field is participating in insuring the project against loss.
Leticia Nisbett-Dore. SKY RE’s Chief Executive Officer, noted, “Africa is a region where overall insurance penetration is quite low, and as a result we are on the leading edge in being involved in projects on the continent that require sophisticated risk management programs of which insurance is a component.” She also said, “One of the issues related to insurance and risk management in Africa is losses whose origin is political in nature. These risks are the ones we pay particular attention to as we participate in large projects like these where the risk of loss as a result of political instability is greater than in energy development projects in other parts of the world.”
As a relative newcomer to the insurance industry, SKY RE is proud that it has earned the trust of NDEP to participate in insuring a major project in the energy sector. SKY RE also looks forward to using its expertise and knowledge to participate in more projects like these.
SKY RE Facultative and Treaty Ltd (www.sky.re) is an internationally oriented Reinsurer with the policies backed by the exceptional financial strength and solid claims-paying ability of our capital providers. With a global presence, our team collaborates to deliver exceptional service to our clients across the world. Our broad reinsurance underwriting capabilities include property, catastrophe, casualty, professional lines, and specialty lines including trade credit, surety, global weather, aviation and space, marine and energy, agriculture and personal accident.
Marc Estrella, CPCU, CIDM
SKY RE Facultative and Treaty Ltd.