World’s first jet fuel price insurance policy
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25 September 2024: Paratus & Partners, the insurance brokerage launched earlier this year by the Paratus Group of Companies, today announces the issuance of the world’s first jet fuel insurance policy for a Southeast Asian airline client whose name cannot be disclosed due toconfidentiality agreements. As the ongoing global uncertainty continues to drive volatility in jet fuel prices, the airline engaged with Paratus & Partners to leverage energy markets expertise using insurance to cap jet fuel costs, protect margins and stabilise their balance sheet. The
insurance product is underwritten by Paratus Aviation Insurance Limited, the Guernsey licensed and regulated (re)insurer.
Garwyn Lam, broker at Paratus & Partners, said: “We are thrilled to have provided the world’s first ever jet fuel price protection policy for one of our Asia-based clients. It’s an excellent testament of our commitment to provide exceptional energy price risk broking expertise to the market.
This insurance policy mitigates one of the most volatile operational costs in the airline industry. It will be a game changer for how airlines manage jet fuel price risks and a significant innovation shift for the aviation industry. The use of insurance is a cost-eQective, additional tool for balance sheet stability and competitive advantage”.
The Paratus & Partners team includes some of the most established specialists in the maritime, aviation and energy sectors, operating within a FCA regulated and licensed broking entity.
About Paratus & Partners
Paratus & Partners is the world’s first energy price risk insurance brokerage that offers pioneering renewable power, transition fuel, aviation, and freight policies to protect against adverse energy price volatility. Our in depth understanding of energy price risk enables a unique partnership with clients, supporting them to achieve their commercial and sustainability objectives. Paratus & Partners Ltd is an insurance brokerage authorised and regulated by the Financial Conduct Authority (FCA) under FRN: 955298 and a member of the British Insurance Brokers’ Association (BIBA). Paratus & Partners is part of the Paratus Group of Companies which is a portfolio company of Ara Partners, a $6.2 billion private equity firm focused on industrial decarbonisation.