Everest Reinsurance has appointed Jonathan Mesagaes (pictured above) as head of renewable energy. He will report to John Hyland, head of underwriting and marine, and support clients through the global specialties division.
Mesagaes joined Everest in 2007 and most recently held the position of senior marine underwriter, where he was involved in the development of the company’s renewable energy reinsurance portfolio.
His earlier roles at Everest included group reporting and exposure management lead, as well as chief risk officer and head of actuarial function in Ireland. In that capacity, he contributed to establishing Everest’s local insurance operations.
Mesagaes began his actuarial career at Crum & Forster and has more than 20 years of experience in underwriting, risk management, and actuarial pricing.
In March, Everest Re also appointed Alex Haines as global head of engineering. He joins Everest with over 20 years of experience in the construction and engineering sectors across both underwriting and broking.
Emily Davis, head of global specialty at Everest Reinsurance, said demand is increasing for reinsurance products that support renewable energy initiatives.
In 2024, the renewable energy insurance market expanded from $17.01 billion in 2023 to $17.97 billion, marking a 5.6% year-over-year growth. Projections for 2025 estimate the market to reach approximately $19.04 billion, with a compound annual growth rate (CAGR) of 5.9%.
However, the sector faces challenges from escalating losses due to natural catastrophes, such as hailstorms damaging solar panels and lightning strikes on wind turbines. These events have led to increased insurance premiums, particularly in catastrophe-prone areas, with some premiums rising by 20% to 40% over the past year.
In response, reinsurers are adopting more cautious approaches, including restricted policy wordings, adjusted limits, and higher pricing, especially for technologies like battery energy storage systems and offshore wind projects.
“Jonathan’s appointment underscores our investment in the talent and capabilities to meet the unique needs of our clients and brokers in the rapidly expanding market,” Davis said.
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