Congratulations on the recent merger and the expansion of services offered by Willis Towers Watson. Can you tell us about the role that you currently play in the Polish market and how important the energy sector is to your business?

Willis Towers Watson Polska operates as an insurance and reinsurance broker, insurance services provider, and consulting company. The merger has been an excellent strategic move, as it has expanded our geographic coverage to the 140 countries we currently operate in, as well as the overall expertise we can harness. In Poland, we cover multiple industry sectors, with a nationwide premium placement of USD 400 million, and the energy sector is a significant part of our business. We intend to grow within this industry division, and there are ample opportunities to do so.

The traditional energy industry is undergoing a dynamic transformation from fossil fuels to renewables. How is this change affecting the insurance offering model?

The retreat from coal and the subsequent increase in premiums is a major challenge for the traditional energy industry. Insurance and reinsurance companies have different approaches to this issue, with some fully retreating from writing coal-related risks, and others reducing their participation in the coal sector. We consider this an opportunity that we must adapt to and manage the increasingly important risks associated with this change. We do not intend to move away from servicing the coal sector, as Poland is heavily dependent on traditional fossil fuels. As a multinational company, we are better equipped to handle this difficult situation than any other local broker. Our team of engineers understands the processes and risks associated with the industry, and we have tools to assist our clients with risk management systems and convince them to follow recommendations that come from engineering reports.

We have also created the Willis Energy Loss Database, which includes claims that have occurred historically in the energy industry worldwide. This facility is unique and widely used by insurers, loss adjusters, and other brokers throughout the industry. Understanding the cause and frequency of sector losses assists clients in determining the adequacy of limits, retentions, and cost implications.

The renewables sector is visibly growing, and Poland just had the largest RES auction in Europe this past year. Are you also supporting companies in this field?

Absolutely, we have been working with onshore wind and photovoltaic companies so far. Both face numerous risks, some of which none of us would imagine! For example, one of the major risks in the PV sector is theft, and in terms of onshore wind farms, the infrastructure and installations are getting older, and the insurance market is not looking at it favorably as things can break down. We are also keeping a close eye on the offshore wind segment, which is brand new in Poland and presenting its own set of particular risks. It is crucial that from the very start, companies partner with experts that have previous experience in the offshore wind sector. We have worked on offshore projects around the world and can support our clients with knowledge gained thus far.

Can you share with us your strategic plans for the next two to three years, particularly in the natural resources sector? We understand that this is a dynamic time for the energy industry, and we would like to know how you plan to take advantage of the opportunities available.

As a company, we are committed to expanding our presence in the natural resources sector and doubling our share within the next three to four years. This is an ambitious goal, but we are confident that we can achieve it by leveraging our expertise and global footprint.

In terms of the energy sector, we recognize that we are in the midst of a dynamic transformation from traditional fossil fuels to renewable energy. While this presents significant challenges, it also offers exciting opportunities for growth and innovation.

As such, we are focused on expanding our services in the renewables sector, including onshore and offshore wind and photovoltaic companies. We understand the risks associated with these industries, including theft in the PV sector and infrastructure breakdown in onshore wind farms, and we are committed to providing our clients with the best possible support and risk management solutions.

Furthermore, we are also cognizant of the challenges faced by the traditional fossil fuel industry, particularly as companies transition away from coal. We believe that this presents an opportunity for us to adapt and innovate, and we are working closely with our clients to manage the risks associated with this change.

As for our message to investors, we urge caution and awareness of the risks associated with investing in the energy industry. It is crucial to work with experts who have a proven track record and a global perspective, as the industry is constantly evolving and presents a multitude of challenges and opportunities.