Corporate Report

2020 2 3

Today, as power from Calder Hall begins Contents to flow into the national grid, all of us here know that we are at the making of history. For many years now, we have been aware that atomic scientists, by a series of brilliant discoveries, have brought us to a threshold of a new age. Today, we are seeing a solution as this new power is harnessed for the first time Introduction for the common good of our community. 4

Her Majesty Queen Elizabeth II opening Calder Hall on 17 October 1956. Calder Hall was Nuclear landscape the world’s first station to generate electricity on an industrial scale. 6

12 Our role in nuclear 20 Areas of work

15 Nuclear Insurance Pools 25 Leadership

17 Our history 29 Company highlights

31 Events

32 Contact us 4 5

Introduction

As we look back on 2019, the nuclear energy market is clearly in a very different place than when Nuclear Risk Insurers (NRI) was established in 1956. I hope that you enjoy reading NRI’s first annual Corporate Report.

With change come new risks and opportunities in the sector. Against the challenging market conditions of the last decade, low-carbon nuclear energy is an important element of the energy mix required to meet the emissions reduction commitments of the Paris Agreement and the growing need to satisfy carbon net zero commitments into the 2020s and beyond.

In anticipation of this year’s United Nations Climate Change Conference Low-carbon nuclear in Glasgow, COP26, our trust in the potential for nuclear power, as a reliable component of a low-carbon energy mix, remains. energy is an important NRI and the nuclear insurance pools are adapting to meet the changing needs of civil nuclear operators, to provide them with the highest quality of element of the energy cover that ultimately supports their social licence and helps give the public peace of mind. mix to meet emissions The takeaway for us is that, as markets change, NRI must continue to be flexible as we enter a new decade. Above all, we must provide strong reduction commitments capacity and technical expertise to be able to guarantee coverage in the event of a nuclear incident. in the Paris Agreement

Mark Popplewell ACII Managing Director, NRI 6 7

remains encouraging, particularly in light of the need to decarbonise, with Nuclear 2019 figures from the Department for Business, Energy and Industrial New build progress is being the cost of raising private finance Strategy (BEIS) finding that 35% of made at Hinkley Point C, where for new nuclear projects – reducing landscape people are supportive.3 two reactors are currently under consumer bills and maximising construction. Two reactors are under value for money for consumers Progress on new build in Potentially, the most significant development at Sizewell C (pre-FID), and taxpayers.5 The government the UK policy development for nuclear and there are plans for Bradwell B consultation closed in October 2019. in 2019 was the Government’s to have its first unit in commercial Nuclear remains the largest source announcement of its net zero operation from 2030. If Wylfa An Energy White Paper is of low-carbon electricity in the UK, legislation, requiring the UK to Newydd goes ahead successfully, expected to be published in the contributing 20%. However, all but reduce greenhouse gas emissions Oldbury will likely follow. summer of 2020, which will set one of the UK’s current reactor fleet to net zero by 2050. Nuclear has future direction for nuclear under the will retire by 2030. 1 been essential in reducing emissions New build milestones are Government’s Industrial Strategy. to date as a proven, low-carbon anticipated throughout 2020 as the The nuclear sector provides baseload technology. However, new Government looks to deliver 1. NIA (June 2019): https://www. £6.4 billion GVA to the economy commitment and investment is on its promise to invest heavily in niauk.org/media-centre/ – contributing as much as the needed to maintain its important infrastructure. Plans are underway press-releases/nia-comments-hinkley- point-c-reaching-key-milestone/ aerospace industry – and directly role. Scenarios from a variety of for a potential Development Consent nia-comments-hinkley-point-c-reaching- employs nearly 60,000 workers, with sources, including National Grid Order (DCO) on Wylfa and potentially key-milestone/ 97% of jobs in the sector located and Energy Systems Catapult, Sizewell C. 2. UK Government (2018): https:// outside of London. It is estimated show that the pathways to reach assets.publishing.service.gov.uk/ government/uploads/system/uploads/ that the domestic nuclear market net zero include a substantial role China General Nuclear’s attachment_data/file/665473/The_ will be worth £75 billion up to 2035.2 for new nuclear by 2050. This also HPR1000 GDA Step 3 is ongoing and Nuclear_Sector_Deal_171206.pdf assumes a meaningful contribution parliamentary approval of the final NIA (October 2019): https://www.niauk.org/ resources/jobs-map Following a sustained period of from carbon capture, usage and National Policy Statement for new 3. UK Government (May 2019): https:// momentum, sector confidence has storage, and continued growth of nuclear beyond 2025 is expected in assets.publishing.service.gov.uk/ been damaged by falling renewables renewables. the first half of 2020. government/uploads/system/uploads/ attachment_data/file/800429/ strike prices, expected transition to BEIS_Public_Attitudes_Tracker_-_ the distributed generation network Given the continuing challenge In July 2019, as part of its Wave_29_-_key_findings.pdf and the perceived high cost and of renewables intermittency consultation on the industry 4. Energy Systems Catapult (October 2018): https://es.catapult.org.uk/news/ delivery risk of nuclear (new build and system cost, low-carbon -proposed Regulated Asset Base options-choices-actions-how-could-the- and decommissioning). A high- and storage technologies which (RAB) model to finance new nuclear uk-be-low-carbon-by-2050/ profile company exit by NuGen on are currently available, and the projects, the Government published 5. UK Government (July 2019): https:// the Moorside project in 2018 and the significant expected increase in an assessment of the model. The www.gov.uk/government/consultations/ regulated-asset-base-rab-model-for- suspension of Wylfa Newydd 1&2 demand for electricity for electric assessment found that, by providing nuclear have also undermined confidence. vehicles and heating, the strategic regulated returns to investors, a RAB 6. NIA (October 2019): https://www.niauk.org/ Public support for nuclear power case for nuclear remains robust.4 model has the potential to mitigate industry-issues/decommissioning/ 8 9

sector developing in the UK for enough investment to replace fusion, which includes companies them – approximately two-thirds of such as Tokamak Energy and First the current nuclear fleet in OECD Light Fusion. countries are more than 30 years old. Advanced nuclear Nuclear technologies The UK Atomic Energy China continues to significantly Authority (UKAEA) is the world- landscape lead growth in nuclear investment The Government’s Advanced leading national laboratory for and generation, and the amount Modular Reactor (AMR) programme fusion, working on game-changing International context, of generation in China is expected – launched in December 2017, experiments, operating JET, trends and growth following the cancellation of the constructing the MAST Upgrade Small Modular Reactor (SMR) (MAST-U) spherical tokamak project Nuclear generation remains at competition at the end of last and leading large parts of the around 10% of overall global energy year and a policy reset by BEIS – is scientific campaigns in support generation, and there was an providing up to £56m for R&D for of ITER. In October 2019, the UK unchanged level of overall nuclear AMRs in a phased approach. Government confirmed that it will investment year-on-year up to commit £220 million in funding 2018. However, challenging market A global market for SMRs could for the early development of the conditions remain.7 be worth up to £400 billion and Spherical Tokamak for Energy eight vendors have been producing Production (STEP) programme. There has been a shift in energy feasibility studies for their reactor STEP will create 300 jobs and supply investments towards projects designs as part of the programme, will function as a collaborative with shorter lead times, reflecting including Advanced Reactor programme between the UKAEA, the desire to better manage risks Concepts, DBD, Blykalla Reaktorer industry, universities and other and reduce costs, as well as towards to overtake the US and EU before Stockholm (LeadCold), Moltex organisations. emerging and developing countries.8 2030.11 China's presence in the UK's Energy, Tokamak Energy, U-Battery, This issue may be compounded in nuclear sector remains at the same Ultra Safe Nuclear Corporation and The UK’s first generation of the future by the very recent interest level, with the aim of leveraging this Westinghouse. The announcement nuclear power stations and early in achieving net zero. country's progress to gain global on Phase 2 of this programme is research facilities have left a legacy leadership in the sector. Emerging outstanding and we await further which requires continued and Nuclear is expected to continue nuclear energy countries include clarification from the Government. careful management. In 2005, the to grow globally, although at a slower Bangladesh, Belarus, Turkey and Nuclear Decommissioning Authority rate than overall power generation.9 the United Arab Emirates, which are The UK is a world leader in (NDA) was set up to manage the Global nuclear generation is all constructing their first nuclear nuclear fusion, and progress in big decommissioning challenges that expected to increase by 1,121 TWh power plants. data, materials science and robotics this legacy produced and it currently (43%) between 2016 and 2040, is helping overcome barriers to manages 17 sites across the UK. which would require a similar Plant life extension is a the development of commercial Britain’s nuclear decommissioning increase in capacity of about 100 core, international challenge in fusion, which is generating private industry generates more than £1.7 GW, or 25%.10 Nuclear is declining the nuclear sector and there investment that could realise its billion of business per year and over within OECD countries as ageing remains a strong economic and promise. There is a strong private 21% is spent with SMEs.6 plants are decommissioned without supply rationale for the fitting of 10 11

Nuclear Generation by Country 2018 The international nuclear market the 1.5°C threshold in the Paris TWh is expected to be worth £1.2 trillion Agreement are based on a significant 0 50 100 150 200 250 by 2030.13 Most of the pathways to increase of nuclear power’s share of USA 808 TWh 14 France 396 TWh keeping temperature rises below electricity generation. China Russia South Korea Canada Expected generation from low-carbon power investments and annual investment needs by scenario Ukraine Expected new generation from Investment in low-carbon power Sweden low-carbon power investment UK 900 900

Spain TWh 800 800 Japan India 700 700 Czech Republic 600 600 Belgium USD (2018) billion Switzerland 500 500 Finland Bulgaria 400 400 Hungary 300 300 Brazil Slovakia 200 200 Mexico 100 100 South Africa Romania 0 0 Pakistan 2013 2014 2015 2016 2017 2018 2018 NPS SDS Annual avg. Annual avg. Argentina Renewable power Nuclear Demand growth 2025-30 2025-30 Iran Slovenia Note. Generation is based on the expected annualised output of the capacity associated with investment in a given year. TWh = Terawatt hour. NPS = New Policies Scenario; Netherlands SDS = Sustainable Development Scenario Armenia Source: IEA World Energy Investment 2019

Source: IAEA PRIS Database extensions. The EU and the US have generation technologies, including 7. World Energy Investment 2019 11. World Energy Outlook 2018 (November (May2019): https://www.iea.org/reports/ 2018): https://www.iea.org/reports/ the largest active nuclear fleets, and renewables. world-energy-investment-2019 world-energy-outlook-2018 they are also among the oldest: the 8. World Energy Investment 2019 (May 12. Nuclear Power in a Clean Energy System average reactor is 35 years old in In the context of Brexit, 2019): https://www.iea.org/reports/ (May 2019): https://www.iea.org/reports/ the European Union and 39 years nuclear expertise will remain an world-energy-investment-2019 nuclear-power-in-a-clean-energy-system old in the US. The International opportunity for the UK to forge 9. BP Energy Outlook 2019: https://www. 13. UK Government (2018): https:// Energy Agency (IEA) has calculated and maintain strong international bp.com/content/dam/bp/business-sites/en/ assets.publishing.service.gov.uk/ global/corporate/pdfs/energy-economics/ government/uploads/system/uploads/ that, if no extensions are fitted trade relationships beyond the EU, energy-outlook/bp-energy-outlook-2019.pdf attachment_data/file/665473/The_ to these plants or new sites built, as well as provides direct export Nuclear_Sector_Deal_171206.pdf 10. World Energy Outlook 2018 (November nuclear power will drop from 20% of opportunities, based on the UK’s 2018): https://www.iea.org/reports/ 14. IPCC (October 2018): https://report.ipcc.ch/ electricity supply to 8% in the US and world-leading expertise in fusion, world-energy-outlook-2018 sr15/pdf/sr15_spm_final.pdf from 25% to 4% in the EU by 2040.12 R&D, advanced manufacturing, Lifetime extensions are considerably regulation and decommissioning. more cost-effective than building The global market for waste and new plants and are generally cost- decommissioning is worth £100bn competitive with other electricity up to 2035. 12 13

basis – in essence, the capacity an with a secure, low-carbon source of insurer is willing to risk from its own power. NRI is committed to making balance sheet without the ability this possible by providing the statutory Our role to purchase facultative (one off) or insurance that gives the civil nuclear treaty (annual) reinsurance. industry the social licence to operate, whilst reducing global emissions and in nuclear NRI has set itself the ambitious meeting climate targets to benefit the goal of becoming a net zero world around us. Our history in the sector runs carbon company by the end of deep. NRI is one of the oldest 2020, as it seeks self-accountability Insurance for civil nuclear power At a glance – NRI nuclear insurance pools in the for emissions to help mitigate the requires specialist knowledge and world, established in 1956 to help risks and potential impact of climate the ability to guarantee coverage in • Insures over 350 nuclear protect operators, people, society change. In 2019, NRI started to the event of a nuclear incident. The sites around the world. and businesses in the extremely implement a process that focuses expertise we’ve gained from our long rare event of a nuclear incident. on plans to reduce and/or offset its history working with the civil nuclear • Represents one of the emissions. It is aiming to achieve net power industry means that we largest single blocks of We represent the capacity of zero by the end of 2020. combine the best principles of nuclear nuclear insurance pool leading Lloyd’s syndicates and and the best principles of insurance to capacity. insurance companies in the UK and Nuclear power is vital to meet our consistently deliver for our customers. combine this with capacity within increasing global energy demands • Is one of the oldest the Nuclear Insurance Pooling nuclear insurance system to syndicate the finite nuclear insurance capacity available pools in the world. globally. Nuclear is in our DNA • Aims to become a net With regard to the globalisation Because of that, our customers get security from zero company by the of finite nuclear insurance capacity, a world-leading specialist insurance company end of 2020. NRI achieves this by working within with the strongest sector capacity and claims- the International Nuclear Insurance handling solution in the event of an incident. Pooling system. By sharing and pooling our capacities, we are able They also receive added value from our to provide sufficient limits to satisfy world-class nuclear insurance underwriting NRI is a global leader in nuclear the defined limits of third-party experience, and a deep level of technical insurance and provides specialist liability, as well as the first-party engineering knowledge and expertise that solutions for civil nuclear installation property limits, that are demanded promotes best practice in nuclear safety and property damage, machinery by nuclear convention and national culture; fire protection; machinery breakdown; breakdown, business interruption, law. Due to existing conventional equipment reliability; and electrical, mechanical nuclear third-party liability, nuclear insurance nuclear exclusions, and risk management. Finally, NRI offers the very transit liability and construction nuclear insurance pools are only highest standards of quality, service and delivery. for over 350 nuclear sites around able to gather capacity on a net the world. 14 15

Leading the way on nuclear insurance Our specialist knowledge and ability to Nuclear guarantee coverage in the event of a nuclear incident places us at the leading edge of nuclear insurers. NRI brings the benefits of Insurance Pools capacity scale and specialism to a market with a limited number of insurers. Nuclear pools, established in the mid-1950s, were formed to insure civil nuclear risks within their national market, and to provide interpool reinsurance. They were established in the spirit of a bilateral relationship between the newly forming sector, governments and the insurance market.

A trusted and secure partner to the A pool is a mechanism whereby a number of insurers, through nuclear industry association, jointly underwrite a technically challenging type of risk. Pools are typically formed when a risk is high in severity and low in frequency and Providing the statutory insurance that other examples include terrorism and natural catastrophe. Pools are further gives the nuclear industry the social licence to categorised by insufficient capacity being attracted to a class of business operate, and a claims-handling system ready, (from individual insurance companies), due to risk appetite, technical if required. underwriting challenges and costs of doing business. The nuclear insurance premiums account for less than 0.05% of non-life insurance premiums globally.

Nuclear Insurance Business Flow

INSURANCE OF INSTALLATIONS Evolving to meet the needs of our IN COUNTRY B

C MEMBER 2 AP Y MEMBER 3 customers ACIT ACIT Y CAP

CAP ACIT NRI’s focus is on flexibility and innovation MEMBER 1 Y POOL CAPACITY MEMBER 4 to ensure our customers have the right COUNTRY B REINSURANCE insurance solutions, for today and for the REINSURANCE

long term, by maximising the finite insurance MEMBER 1 CAP Y A REINSURANCE MEMBER 1 CIT ACIT Y CAP capacity that exists via the efficiency of an REINSURANCE CAP MEMBER 2 ACITY CITY CAPA MEMBER 2 nuclear insurance pool. POOL REINSURANCE POOL COUNTRY A CAPACITY COUNTRY C C APACITY MEMBER 3 REINSURANCE MEMBER 3 Y C ACIT AP A CAP CIT Y MEMBER 4 MEMBER 4 INSURANCE OF INSURANCE OF INSTALLATIONS INSTALLATIONS IN COUNTRY A IN COUNTRY C 16 17

Our history

1950

Today, over 300 insurance companies in 28 countries pool their The mid-1950s saw the birth of the it was recognised that the insurance net capacity, which is then used to insure domestic civil nuclear civil nuclear age. With the rise market had to do things differently. risks and to provide interpool reinsurance. of civil nuclear energy came the The sheer nature and size of the call from the industry and the potential risk meant it was beyond In the absence of nuclear pools, the finite insurance capacity UK Government to insure the the resource of any one national that exists could not be accessed efficiently or at all. Consequently, associated risks. Insurers found insurance market or individual insurer nuclear pools provide an essential service to civil nuclear operators themselves facing two problems: to provide complete protection. and are an enabler to the operators' ‘social licence’ by satisfying how best to provide cover for the their complex insurance needs. emerging industry, and how to To best address the provide protection for the public unique insurance needs of the without exposing balance sheets to civil nuclear industry, NRI’s model potentially catastrophic losses. centres on the ‘pooling’, or grouping, of capacity by many insurers To provide adequate insurance (known as members) to allow the for the civil nuclear energy industry, underwriting of nuclear risks. 18 19

Originally established as the British Insurance (Atomic Energy) Committee, NRI was formed in 1956 by the UK Atomic Energy Authority, British Insurance Association and Lloyd’s of London to provide specialist insurance to support the operation of West Cumbria’s Calder Hall nuclear reactors and other reactors then being developed.

The whole of the UK insurance market responded to that challenge Adapting to meet client with 82 insurance companies and needs, NRI launched its new 137 Lloyd’s syndicates becoming construction insurance facility members when NRI was created. for civil nuclear risks in 2016. 2003 2019

1956 2016 In 2003, NRI was formed NRI implemented its in its current structure as a plan to be become a net company, regulated by the zero carbon company by Financial Conduct Authority the end of 2020. and a coverholder at Lloyd’s. 20 21

Areas We are of work proud of our

We are proud of our reputation as the sector leader. NRI’s capacity, security and creditworthiness are of the very highest quality in the reputation global nuclear insurance market.

Our expertise in solving complex nuclear sector risk issues, combined with the strength of our business, gives our as the sector customers the ultimate protection. Lloyd’s and the companies that make up NRI’s membership have some of the strongest capacity and insurance ratings globally, providing confidence and peace of mind. leader NRI’s underwriters and nuclear engineers are globally renowned experts and recognised leaders, providing our customers with specialist support and advice across the civil nuclear fuel cycle. 22 23

POWER GENERATION Nuclear fuel cycle 6

SPENT FUEL REFINING CONVERSION ENRICHMENT MINING

1 2 3 4 5 Areas 7 REPROCESSING of work 8 TREATMENT, 9 STORAGE & DISPOSAL OF RECOVERED WASTE Our global portfolio of PLUTONIUM & products for the sector URANIUM

Nuclear installations Liability Claims Transportation

NRI provides physical assets and In compliance with international NRI provides confidence that people, In compliance with international financial loss protection for all nuclear liability conventions and society and businesses are protected nuclear liability conventions and elements of the nuclear fuel cycle, national nuclear liability laws, NRI with our world-class claims solution. national nuclear liability laws, NRI outside of mining, including generation, insures conventional and non- provides protection for nuclear new build, decommissioning, conventional nuclear third-party NRI has developed a catastrophe transit liability. chemical processing, uranium liability. We also provide protection claims process that aligns with an enrichment, waste storage and for nuclear transit liability and immediate emergency response disposal, reprocessing, fuel fabrication construction liability. to quickly compensate those with and transit. valid claims and then move into the recovery phase. Our cover for nuclear property includes property damage, machinery breakdown, business interruption and terrorism. 24 25

Areas Leadership of work

Construction Other

Dr Tim Stone, CBE Chairman Tim has been NRI’s Chairman since 2015 five in two different governments and in December 2018 he became the over seven years. Before becoming an Chairman of the UK’s Nuclear Industry adviser to the UK Government, Tim Association. A senior corporate advisor was Chairman and founder of KPMG’s across the energy and infrastructure Global Infrastructure and Projects sectors, when he stepped down from Group, having spent a number of years NRI’s construction cover includes NRI is open to considering any the European Investment Bank in as Managing Director of S.G. Warburg scope for all nuclear construction new nuclear risk that cannot be 2018, he was the longest-serving board in New York and London and Managing projects, including fuel accommodated by the conventional member, having been appointed by Director of Chase Manhattan Bank in enrichment, reactor new build, insurance market. Please get in touch the British Government in 2003. He New York. refurbishment, waste handling and to discuss your needs. is a Non-executive Board Member of Tim was appointed a Commander decommissioning. the Arup Group and a Non-executive of the British Empire for services Director of the Horizon Nuclear Power to the energy industry. Holding an With sector-leading insurance Board. capacity and the ability to insure cover undergraduate degree and a doctorate extensions, such as decontamination Tim is a prominent expert on energy from St. Catherine’s College, Oxford, costs and nuclear fuel elements, and civil nuclear, previously holding the he is a Fellow of the Institution of Civil NRI provides tailored solutions role of Expert Chair of the Office for Engineers, a Member of the British for construction projects where a Nuclear Development in the former Computer Society and a Chartered nuclear exposure already exists, as UK Department of Energy and Climate Engineer. He was awarded the Hinton well as multi-section policies with Change. He has also served as Senior Prize by the Nuclear Institute in 2018 nuclear and conventional coverage Advisor to successive UK secretaries of for outstanding contributions to the for refurbishment risks. state responsible for energy, counselling nuclear industry. 26 27

Mark Popplewell, ACII Angela Alecock, BA FCCA Claudio Mares, ARe, ARM, ARM-E Simon Wilcock, BSc Managing Director Chief Financial Officer Senior Underwriter Senior Underwriter Mark has been Managing Director Angela has 20 years of experience Claudio has 21 years of experience in the A nuclear engineer with 25 years of of NRI since 2014, as part of a 35-year in the insurance company and international insurance and reinsurance experience in the insurance industry, Simon career in the insurance industry. He Lloyd’s company market, covering all industry, providing complex insurance joined NRI in September 2019 as a property has been responsible for the leadership aspects of fnancial and regulatory solutions for multi-national power and liability underwriter. He specialises in and management of NRI at a time of reporting, including Solvency II. She generation clients. He is the lead insuring large complex risks, combining his dynamic change within the insurance is responsible for NRI’s management underwriter for several of NRI’s nuclear engineering and insurance experience. liability and property risks and leads industry and the nuclear insurance and financial reporting to and on With responsibility for a number of NRI’s underwriting team. pooling system. behalf of its members, in addition NRI’s key client and broker relationships, to the development of NRI’s policy At NRI, Mark successfully In addition to managing several key Simon assesses and prices risks administration system. collaborated with a new nuclear client and broker relationships, Claudio throughout the nuclear fuel cycle – both country to establish a domestic Angela joined NRI from Amtrust has a strategic insurance product line material damage and third-party liability nuclear insurance pool, launched a Europe, where she held the role leadership role across various geographies – and underwrites nuclear risks across the construction cover for clients and is of Finance Director. Before joining and is responsible for the modernisation globe as both insurance and reinsurance. leading the process for changes to Amtrust she held several senior finance of the underwriting risk framework. He is responsible for NRI’s construction binding authority. nuclear third-party liability insurance roles at Starstone, which she joined Before joining NRI in 2018, Claudio in compliance with local legislation and when it was an insurance start-up. held a number of roles at AIG, including Before joining NRI, Simon was an the applicable international convention. She was involved in the setting up of Regional Manager Energy & Engineered engineering underwriter with Talbot As part of his role, Mark is a member of Starstone’s Lloyd's managing agency, Risks, South Europe and Senior Underwriting at Lloyd’s and before that the secretariat for the global nuclear where she was Finance Director. Underwriter Power & Utilities, Heavy Swiss Re. In these roles, he managed insurance pooling system. Prior to that she held finance roles Industries, Mining, London Market. He was power and petrochemical risks, He is also an insurance representative at Hiscox and RSA. also Senior Property Underwriter, Industrial including insuring the construction of on OECD Nuclear Energy Association’s Risks at Swiss Re Corporate Solutions. nuclear power and fuel cycle plants. Angela studied Economics and Prior to that, Simon spent 13 years in Nuclear Law Committee. He studied business at Kaderschule Politics at University College Dublin the nuclear, power and petrochemical Zurich in Switzerland and was awarded the Before joining NRI, Mark spent 25 and is a Fellow of the Association of industries at BNFL, Foster Wheeler and following designations by The Institutes years at Marsh, where he held the roles Chartered Certified Accountants. Dow Chemical. of Risk Management Practice Leader in the USA: Associate in Reinsurance, – Middle East and North Africa; and Associate in Risk Management, Associate Simon lectures for the International Practice Leader, Power, Nuclear, Utilities in Risk Management – Enterprise Risk Association of Engineering Insurers and and Mining, UK. Management. has previously done the same for the Swiss Insurance Training Centre. He studied nuclear engineering at the University of Manchester. 28 29

Company highlights MoU signed with Chinese Pool Paul Galbraith, FIFireE CEng MiMarEST NRI enhanced its global partner- Technical Manager ships in 2019 by signing a Paul has spent seven years at NRI, the Wirral Area Health Authority and News Memorandum of Understanding and has been its Technical Manager Marine Engineer with BP Shipping. with the China Nuclear Insurance since 2016. He leads NRI’s engineering Pool (CNIP) to work on joint projects Paul studied fire and explosion team, which holds a deep level of in different areas of the business. engineering and mechanical technical knowledge and expertise We look forward to continuing engineering, and is a Fellow of the that assesses and promotes best collaboration with the Chinese pool Institute of Fire Engineers. He holds practice in nuclear safety and going forward. a National General Certificate in culture, fire protection, and electrical, Occupational Safety and Health mechanical and risk management. as well as an Executive Diploma in He has conducted insurance Management Studies. surveys for nuclear power plants and other nuclear facilities in the UK, the Netherlands, Belgium, Bulgaria, Germany, Russia, Ukraine, China, Brazil, South Korea, Slovakia, Taiwan, NRI leads International Insurance Urenco’s Tails Management Facility Romania, the US and Canada. Survey of New Safe Confinement opens in Capenhurst With over 30 years of experience in at Chernobyl NPP the fire protection industry, Paul was Congratulations to our partner previously Principal Specialist for Fire In 2019, NRI led an international Urenco on the opening of its Tails and Safety, London Design Support insurance survey at the Chernobyl Management Facility (TMF) in Office for EMEA at Lloyd's Register. , in Ukraine. Capenhurst, UK, on 7th June 2019. He has worked for the Merseyside Val Martell and Paul Galbraith The TMF was built for Urenco’s Fire and Rescue Service, and was a participated in a team with responsible management of nuclear Guest Lecturer at Leeds University Věra Šídlová from the Czech Nuclear materials, and is a key element in and Fire Service College. A Chartered Insurance Pool, and were supported its commitment to uranium Engineer, his other previous roles by Ukrainian Nuclear Insurance Pool stewardship and sustainable energy include Building Services Engineer for manager Oleksandr Babenko and generation. consultant Artem Zakharov. 30 31

Events

NRI leads first International 20th Anniversary of the Nuclear Survey in Japan Chinese Pool

In 2019, NRI led the first ever NRI was honoured to attend China International Nuclear Survey in Japan Nuclear Insurance Pool (CNIP) Enhancing global cooperation at Sharing engineering best practice to enable a better understanding 20th Anniversary Summit on the the 2019 Nuclear Pools Forum at the Engineers’ Seminar of risk characterisation. As part of 7th November 2019. The Summit a global partnership with French was opened by Mr Yuan Linjiang, 4-5th June, 2019; Palma, Spain 14-15th May 2019; Toulouse, France pool Assuratome and German Chairman of CNIP with senior guest pool Deutsche Kernreaktor speakers from the Environmental NRI attended the 2019 Nuclear NRI attended the 2019 Engineers’ Versicherungsgemeinschaft, the Protection Committee, Nuclear Pools Forum, an annual conference Training Seminar in Toulouse, France, survey included questions on Safety Administration, Nuclear hosted by the Spanish Pool in May, hosted by the French Pool, topics such as third-party liability Emergency Office, CNNC and GNC, to enhance collaboration and which focused on the topics of cyber and machinery breakdown, which as well as CNIP's General Secretary, knowledge sharing between global security and safety culture. improved the quality of information Dr Zuo Huiqiang. A speech on nuclear insurance pools. This year’s available for insurers. behalf of the pooling system was conference focused on how to help Noting that Airbus are located jointly delivered by Alain Quéré, the clients navigate the complexity of in Toulouse, and the significance Swiss Pool Manager and Chairman international transit liability and of safety culture in the aeronautics of the GPC, and Mark Popplewell, its international legal framework; industry, the group took the representing NRI and Secretary of insurance considerations for opportunity to visit the Airbus the GPC. A total of eight International ageing plants; decommissioning; production line and development Pools were also present to join CNIP refurbishment and end-of-life laboratory. in celebrating its 20th year in the extension; and end of life extension, fastest growing civil nuclear power and nuclear liability. It also covered The group walked down the A380 country in the world. the topic of blockchain’s use in aircraft assembly line, exchanging nuclear insurance. views with Airbus safety culture Providing nuclear insurance by the office of Legal Counsel of the specialists. In addition to sharing best expertise to the OECD’s Nuclear Nuclear Energy Association (NEA) – a practice and enhancing consistency Law Committee standing technical committee of the across the global pooling system, the OECD. Mark, along with the other two two-day seminar also allowed time Mark Popplewell was elected in Pool Managers, is required to attend for meetings and networking with 2019 to serve as one of three nuclear the NLC meeting in order to give pools members from around the insurance Pool Manager experts to advice on nuclear liability insurance world. The next meeting will be the the Nuclear Law Committee (NLC), an in the context of nuclear conventions 8th Nuclear Engineers Forum, which inter-government group supported and national laws. is planned for November 2020. 32

Contact us: Nuclear Risk Insurers Limited 5th floor 18 St Swithin's Lane London EC4N 8AD +44 (0)20 7621 1100 +44 (0)20 7621 1199 [email protected]

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