Oil and Gas

Global Oil and Gas Exploration Company seeks The Lion Partnership's assistance to test the suitability of their existing insurance and risk management protocols.

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Background

A large, technology-based Oil and Gas Exploration Company with operations across Europe, Asia, Africa and the United States was eager to test the suitability of their existing insurance and risk management protocols given their sizable risk profile.

Before engaging The Lion Partnership, the client was utilising the services of several different brokers and had a large number of insurance policies with varying renewal dates throughout the year.

Approach

The Lion Partnership identified opportunities to eliminate duplicate coverages and unnecessary costs by consolidating the numerous programs.

We were able to help the client obtain significantly enhanced levels of coverage while at the same time securing a staggering level of premium savings over $1 million, equating to an overall reduction of more than 32% across their entire program.

Solution

The client was able to engage the services of a truly global broker that, unlike their previous representative, was being remunerated in a more open and transparent manner, while also providing them with a single point of contact to manage the vast global insurance needs.

Testimonial

"TLP's tender process was extremely successful. We managed to achieve material cost savings as well as an insurance programme that better reflected our risk profile. This provided a new level of confidence in our broker's services at Management and Board level, which was appreciated.

We were particularly impressed with how smoothly the process was managed with TLP doing the heavy lifting. They were professional throughout, the reporting was thorough and their understanding of the insurance broker market is excellent."
Lindis Jones
CFO
Z Energy

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