Specialty insurer Aspen has promoted longtime energy expert Borg to head its global Power and Midstream insurance business, strengthening leadership in these critical energy sectors. The move comes as energy companies worldwide face evolving risks from climate change and energy transition.
With 15 years at Aspen, Borg brings deep technical knowledge of both traditional and renewable energy risks. He will oversee insurance solutions for:
- Power generation facilities
- Oil and gas pipelines
- Renewable energy projects
- Energy infrastructure construction
“This promotion recognizes both Borg’s expertise and the growing importance of energy insurance,” said an Aspen executive. The energy sector requires specialized coverage as it faces:
- More frequent extreme weather impacts
- Complex new technologies
- Changing regulatory environments
Aspen’s energy team has developed innovative products including:
- Hybrid policies covering traditional and renewable assets
- Parametric weather coverage for energy projects
- Customized builder’s risk solutions
The promotion comes during industry-wide changes as insurers balance support for energy transition with managing climate risks. Borg’s experience with both conventional power and emerging technologies positions Aspen to serve clients across the energy spectrum.
“Energy risks are becoming more interconnected,” Borg noted. “A solar farm may face wildfire threats while a pipeline deals with flood risks.” His team will focus on developing comprehensive solutions that address these evolving exposures.
Industry analysts view the appointment as timely, with global energy investment expected to exceed $2 trillion in 2024. Aspen’s energy insurance leadership has become increasingly valuable as traditional insurers retreat from some fossil fuel risks while new renewable projects require specialized coverage.
The Power and Midstream unit forms a key part of Aspen’s specialty insurance portfolio. Under Borg’s leadership, the team plans to expand its engineering and risk management services while maintaining underwriting discipline in this volatile sector.
For energy companies, having insurers with technical expertise like Aspen’s becomes crucial as risk profiles change rapidly. Borg’s promotion signals Aspen’s commitment to staying at the forefront of energy risk solutions during this industry transformation.
Related topics：
