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JLT awarded insurnce broker for Swansea Bay

By: Lewis Holdsworth 16/12/2014 JLT

General Tidal

Jardine Lloyd Thompson (JLT), one of the world's largest providers of insurance, reinsurance and employee benefits-related advice, brokerage and associated services, today announces that they have been named as Insurance Broker for land-connected Tidal Lagoon Swansea Bay, an innovative project which will harness indigenous, low-carbon electricity that is both affordable and sustainable in the long-term.

Tidal Lagoon Swansea Bay is the world's first man-made, energy-generating lagoon, with a planned 320 MW installed capacity and 14 hours of reliable generation every day. UK electricity demand is increasing, while the generating capacity of our aging power infrastructure declines. Finding viable alternatives to fossil fuels is essential and the UK has made a commitment to deliver 15% of its energy from renewable sources by 2020. Currently, just 5% of our power is renewably sourced. The lagoon is designed to produce sustainable and predictable electricity during its expected 120 years of operation.

The project will provide a number of other benefits such as supply chain and construction jobs for South Wales, recreation and amenity facilities, an outstanding foundation venue for local and national sports use.

Poul Hansen, Head of Renewable Energy at JLT Specialty Limited said, "I am delighted that JLT has been appointed on this exciting project. Our technical knowledge and experience in structuring risk, risk transfer, marine and onshore risk combined with our strong market relationships mean that JLT is well placed to take on this development ."

"The construction of effective and reliable renewable energy resources is becoming an increasingly important issue for international businesses and governments alike. As energy consumption rises, now is the time to invest in projects that will provide an alternative to using fossil fuels."

The lagoon is a £1 billion proof-of-concept project, and plans are in place for additional sites to be added over the coming years.

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JLT awarded insurnce broker for Swansea Bay

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