Upstream Energy

Clearwater Underwriting provides specialist Upstream Energy insurance solutions for exploration, production and contractor risks in a complex global energy market. We provide dependable underwriting capacity with a focus on long-term portfolio integrity, ensuring consistency and reliability for brokers and clients.

Our client base spans the full range of the upstream sector, from offshore and onshore exploration and production, including midstream assets, through to offshore construction risks and the contractors that support the industry.

Our approach

We believe effective energy underwriting requires more than simply technical knowledge. We add experience, judgement and close collaboration with clients and brokers, clear communication, and the ability to respond decisively when called upon.

By blending specialist energy expertise with disciplined, relationship-focused underwriting, Clearwater Underwriting offers brokers a trusted partner capable of supporting upstream clients of every size, across all phases of their operations.

Our approach combines experienced technical underwriting with a deep understanding of upstream operations, asset profiles and geographic exposure. By carefully analysing the specifics of a client’s assets - whether platforms, mobile drilling units, onshore facilities or a construction project - we structure insurance solutions that respond to the risks faced by operators and contractors.

Insured Products

  • Physical Damage – Operational

    Physical damage coverage for operational assets, offshore and onshore.

  • Construction All Risks

    Coverage for offshore and yard-based construction projects.

  • Operators' Extra Expense

    Protection against costs arising from loss of control of wells at any stage of their lifecycle.

  • Loss of Production Income / Business Interruption / Loss of Hire

    Indemnity for lost production income or hire resulting from physical damage to a client’s asset.

  • Delay in Start Up

    Indemnity for financial loss due to delay to a project's start-up, along with bespoke contractual indemnity solutions.

  • Liability

    Third-party liability cover within package placements.

What Makes Us Different?

  • Global Capacity

    Coverage available globally, giving clients confidence their assets are supported wherever they operate.

  • Decisive Underwriting

    Clear decisions and dependable rapid turnaround from underwriters with deep upstream industry knowledge and experience.

  • Bespoke structuring capability

    The experience and technical knowledge to develop solutions for clients with specific contractual indemnity requirements.

  • Beyond the Policy

    More than a stamp on a policy, we offer expertise and partnership before and after binding, with levels of engagement tailored to broker and client needs.

Meet the Team

  • Managing Director - Upstream Energy
    richard.hooks@cw-uw.com

    Prior to joining Clearwater, Richard spent more than 20 years at Tokio Marine Kiln, most recently as Departmental Head of Marine & Energy. In this role, he was responsible for growth and underwriting performance of a multi-class global portfolio, whilst continuing to also actively underwrite upstream energy. He was also a member of the Underwriting Committee with oversight across all syndicate lines of business and held responsibility for governance of internal capital modelling.

    Richard is a recognised energy market figure with excellent broker and client relationships and was a member of the LMA Joint Natural Resources Committee for several years prior to joining Clearwater.

    He has built a reputation for his ability to underwrite challenging and complex energy risks, providing brokers with bespoke solutions through a collaborative and innovative approach.

    Richard’s selective and disciplined approach to underwriting has driven consistent material outperformance vs the Lloyd’s market.

Get in touch

From exploration and production to complex operational risks, we take a considered approach to upstream energy. Contact our team to explore how we can support your insurance requirements.