AXIS Capital recently expanded its Canadian footprint in the clean energy sector, appointing Moustafa Abdelrahman (pictured right) as its first Toronto-based underwriter focused on renewable energy. The move, they said, signals a deeper local commitment to a market where wind, solar, hydro, and battery storage projects are multiplying – and bringing with them a complex set of property and construction risks.
Abdelrahman, who joins as senior underwriter and assistant vice president, renewable energy, said Canada’s renewable energy sector is “a new and rapidly evolving category for risk,” where exposures vary significantly by technology. For underwriters, that means staying on top of fast-changing equipment, regional weather extremes, and unique operational hazards.
In wind power, the pace of change can outstrip even experienced operators’ expectations, he said to Insurance Business.
“Those wind manufacturers have been making turbines for a long time,” he said, “but they still have new models coming out every year... You want a risk partner [that] understands the equipment will be changed or upgraded fairly quickly, and that they have contracts in place with manufacturers to support the equipment they have, even if it’s a bit older.”
For solar projects, Canada’s climate delivers distinct challenges.
“Weather-related claims seem to be the main ones in Canada, [be it] hail or snowstorms,” he said.
And while panels may appear identical, their resilience can vary greatly. “They may look the same, but what matters most there is panel class, thickness, and testing protocols.” Choosing the right equipment up front, he stressed, can make a significant difference in long-term loss performance.
Battery storage brings an entirely different hazard profile. Most systems use lithium-ion technology, which carries the risk of thermal runaway – a chain reaction that can cause fires to spread rapidly between units.
“What we want to see is that those batteries have been tested to the latest global fire standards, and that there is sufficient separation between each battery container,” he said. The goal is to ensure that if a fire starts in one container, it’s “very difficult” for it to spread.
Preparedness also extends to emergency response. “The fire station nearby should be aware that there are lithium-ion batteries here, and [be] trained to handle [a lithium-ion] fire, as it’s a bit different than a normal one,” Abdelrahman said.
For Abdelrahman, being based in Toronto isn’t just a matter of convenience – it’s a competitive advantage in understanding and underwriting Canada’s renewable energy risks.
“I’m familiar with Canadian policy wordings and the different jurisdictions they apply to,” he said. “It means I can visit project sites, see the mitigation measures first-hand, and have more meaningful conversations with clients about how they’re managing risk.”
He added that face-to-face meetings with brokers and insureds help strengthen working relationships and allow for quicker, more informed decision-making.
Sam Walsh (pictured left), head of North America renewable energy at AXIS, said the hire reflects both a long-term focus and a direct response to broker feedback. While AXIS has written Canadian renewable energy business for over 15 years, much of it flowed through its Lloyd’s syndicate in London. More recently, the company has offered coverage on Canadian paper in partnership with its US underwriting team – but brokers wanted another option: direct access to an underwriter in the market.
“The message we were getting was that if we really wanted to have a presence in Canada, we had to be in Canada,” Walsh said. “Having Moustafa here means brokers and clients can transact directly, meet in person, and know they’re dealing with someone who’s dialed into the local market.”
Walsh added that local presence creates an ongoing, two-way exchange of information. “If you’re just an underwriter behind a screen, you miss the nuances,” he said. “Being on the ground means hearing directly from insureds about site-specific challenges and weather events, and sharing back our engineering data and loss trends. In a fast-growing, relatively new industry, that communication is critical to establishing best practices.”
While Abdelrahman will be based in Toronto, his role isn’t confined to one city or province. Walsh said the position was designed to service clients nationwide, reflecting AXIS’s flexible approach to underwriting across its global offices.
“In time, we may hire across other provinces,” Walsh said. “But Moustafa is in a position where he can write business across the country. He’s not limited just to the Toronto market.”
