Michael Galea is a seasoned Senior Underwriter at GCube Insurance Services Inc., with a decade of experience specializing in offshore wind projects and other renewable energy initiatives worldwide. Michael delves into his journey into underwriting, the challenges and triumphs he has faced at GCube, and his approach to delivering difficult news to clients.

In the second half of the show, Peter Nadel joins the podcast as the Director of Member Relations and Marketing at Energy Insurance Mutual (EIM). On the show, Peter delves into his new role at EIM, the unique aspects of industry mutuals compared to other insurance models, and his seamless transition from Marsh to EIM while maintaining positive relationships.

Key Takeaways:

• A little bit about Michael and the work that he’s doing at GCube Insurance.

• How did Michael get into underwriting?

• Michael shares a moment in his career at GCube that he’s really proud of.

• Michael offers tips for when you have to give bad news to a client.

• Give people bad news early and in person.

• Michael shares his focus on the renewable energy space in the upcoming years.

• A little bit about Peter and his work at EIM.

• What is an industry mutual and how is that different than other insurance mutuals?

• How did Peter get into insurance?

• Peter recently left Marsh, but yet he’s here at the Marsh’s Energy Conference with no bad blood. Peter explains why it’s important to communicate and be honest about your needs.

• What’s the difference between an industry captive vs. an industry mutual?

• Peter understands how much work goes behind this podcast and appreciates being on the show.

Mentioned in This Episode:

Marsh.com

GCube Insurance

Michael on LinkedIn

2024 Energy Industry Conference

Peter on LinkedIn

Energy Insurance Mutual Limited

Yan Veytsman is a Senior Account Executive at Marsh, specializing in risk management for large-scale projects, particularly within the renewable energy sector. Yan has successfully placed multiple construction and operational insurance policies for projects exceeding $100 million. His expertise shines in navigating the complex risks associated with natural catastrophes and developing innovative insurance solutions for the burgeoning renewable energy industry. In this episode, Yan discusses the intricacies of managing risks in the renewable energy sector, and why it’s slightly more difficult than traditional tried-and-true industries.

We also have Senior Vice President of Power & Renewables, Fred Wass, make a special guest appearance. Fred has been involved in the energy sector for the last 39 years and currently oversees Marsh’s Energy Practice. In his segment, he offers some insight into the energy sector as a relatively new insurance professional himself.

Key Takeaways:

• A little bit about Yan and how he found his path in risk management.

• What interests Yan about renewable energy?

• Renewable energy is an industry that’s still developing, so Yan has some room to innovate and define a new model for how to run some of his accounts.

• Why can’t we use other models in different industries and put them in the renewable space? Why is it so different?

• With every single venture that Yan’s been involved in, he’s having to figure it out from scratch. There are too many variables to consider that don’t quite transfer over from the old tried-and-true models from well-established industries.

• How has the oil and gas industry been adapting to the renewable energy sector?

• Does it still make sense to invest in oil and gas?

• Katie introduces a new guest, Fred Wass.

• How did Fred get into this field and why has he stayed for the last 39 years?

• Fred developed power plants in Pakistan early in his career, but he fell into the insurance industry about 10 years ago.

• Fred believes it’s a lot easier today to talk to people within your industry and company than it was five years ago.

• Fred is excited for the future! There’s so much to do and there’s a lot more to come in the next 10 years.

Mentioned in This Episode:

Marsh.com

Yan on LinkedIn

Fred on LinkedIn

2024 Energy Industry Conference

Jen Aitchison is the President of Renewable Risk Consulting Inc. With over 15 years of dedicated experience, Jen has become an award-winning leader known for her deep understanding of renewable energy risks and her ability to create transparent, economically viable insurance solutions. In this episode, Jen delves into the nuances of renewable energy insurance and the importance of education and adaptation in the sector and she offers her unique perspective on the future of energy and insurance for those still in college.

Key Takeaways:

• This episode was recorded at Marsh’s 2024 North American Energy Industry Conference!

• A big shout out to Michael Kolodner and his amazing leadership.

• Everybody backs clean energy, but sometimes there is a sense of distrust about the “correct” way. Why is that?

• We will need all types of energy for us to succeed in making it renewable energy.

• Coal energy is dirty. We all agree it should be reduced, including the coal miners! But then it stops becoming a conversation of energy and a conversation of education and re-employment.

• The average person is not aware of how many different facets of insurance exist.

• People think insurance is repetitive and boring. We as an industry need to get better at showing interesting and live case studies.

• Pick whatever industry your children want to go into and there’s an insurance claim that needs to be filed or underwritten within that industry.

• If you’re looking for stable employment, the insurance industry will never go through a “recession.”

• What advice does Jen give to younger college students who aren’t sure what they want to do with their life?

• Love sports? Love to travel? You can become an insurance underwriter for the sports industry. There are so many avenues you can go.

• Why is Jen so interested in sustainability?

• 16 years later, Jen still finds the work she does engaging, impactful, and important!

Mentioned in This Episode:

Marsh.com

Renewableriskconsulting.ca

Jen on LinkedIn

Marsh’s 2024 North American Energy Industry Conference

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