XL Catlin in Iberia selected to be the lead insurer of key ITER components
MADRID - April 24, 2017
XL Catlin’s insurance operations in Iberia today announced it has provided an insurance solution for some key technical components for an innovative project for Fusion for Energy (F4E), the EU organisation managing Europe’s contribution to ITER, the collaborative international energy project.
XL Catlin has been selected along with Chubb to insure some key components of the ITER project. XL Catlin will lead the program with an 80 percent share and Chubb will follow with a 20 percent share.
ITER is the world's largest experimental fusion project and is designed to demonstrate the scientific and technological feasibility of fusion power. Fusion energy is aimed at developing a safe, limitless and environmentally responsible energy source. The process utilises nuclear fusion, which occurs when light atomic nuclei fuse together to form heavier particles, releasing large amounts of energy. The same process powers the sun and other stars.
F4E is responsible for Europe’s contribution to the ITER project, which amounts to roughly 50%. The organisation was established in April 2007 in Barcelona, Spain.
The initial building and testing of the components insured by XL Catlin and Chubb will take place in Venice, Italy, and the final assemblies will be completed at the ITER facility in southern France.
The insured project consists of the assembly work for ten toroidal field coils which are part of ITER’s powerful magnetic system that will confine the super-hot plasma of the machine.
ITER employs the design of a tokamak, a torus or ‘doughnut-shaped’ tube surrounded by coils that create a magnetic cage to confine the high-energy plasma. The plasma temperature in the machine will reach 150’000’000 ºC, which is approximately 10 times the temperature at the centre of the Sun.
Francisco Triviño, Underwriting Manager Property of XL Catlin’s insurance operation in Iberia and Latin America, said: “Over the past 18 months, our experts worked closely with the various parties involved in this project to develop an innovative risk transfer solution. I’m delighted that we were able to create a bespoke insurance product that helps move this important project forward.”
José Ramón Morales, Country Manager of XL Catlin’s insurance operation in Iberia, added: “The ITER project allows scientists and engineers to further their knowledge and develop the technologies needed to take electricity production with fusion power to the next level. Our role as an insurer is to find insurance solutions to the world’s most complex risk.”
About XL Catlin’s Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.