Markel Insurance has launched a construction and engineering practice. It will offer construction all risks and erection all risks products to clients globally and sit within the firm’s international division. Both products will offer limits up to $50m on a probable maximum loss basis.

Markel said the CAR product would provide cover for projects such as retail, healthcare, data centres, housing developments and civil engineering. The EAR product will be focused on the energy and industrial sectors and include the construction and installation of heavy industrial plant and equipment.

Markel has appointed Anna Woolley as director – construction to lead the new practice. In addition, Keely Madden joins as head of erection all risk – construction. Simon Marshall also joins the team as an engineer.

Rohan Davies, managing director – London Market, said: “Over the next five years, the world will need to more than triple its sustainable energy capacity to meet the latest climate targets, meaning continued rapid expansion of the transition economy.

“The insurance industry will play an essential role in transferring and mitigating the risks associated with this transition, and Markel’s new construction and engineering practice will allow us to go beyond our well-established operational risk policies, to offer support to clients with these projects from conception.”