The Voices of Risk Management Katie Crowe and Hunter Fausnacht

Michael Galea is a seasoned Senior Underwriter at GCube Insurance Services Inc., with a decade of experience specializing in offshore wind projects and other renewable energy initiatives worldwide. Michael delves into his journey into underwriting, the challenges and triumphs he has faced at GCube, and his approach to delivering difficult news to clients.
 
In the second half of the show, Peter Nadel joins the podcast as the Director of Member Relations and Marketing at Energy Insurance Mutual (EIM). On the show, Peter delves into his new role at EIM, the unique aspects of industry mutuals compared to other insurance models, and his seamless transition from Marsh to EIM while maintaining positive relationships.
 
Key Takeaways:
A little bit about Michael and the work that he’s doing at GCube Insurance.
How did Michael get into underwriting?
Michael shares a moment in his career at GCube that he’s really proud of.
Michael offers tips for when you have to give bad news to a client.
Give people bad news early and in person.
Michael shares his focus on the renewable energy space in the upcoming years.
A little bit about Peter and his work at EIM.
What is an industry mutual and how is that different than other insurance mutuals?
How did Peter get into insurance?
Peter recently left Marsh, but yet he’s here at the Marsh’s Energy Conference with no bad blood. Peter explains why it’s important to communicate and be honest about your needs.
What’s the difference between an industry captive vs. an industry mutual?
Peter understands how much work goes behind this podcast and appreciates being on the show.
 
Mentioned in This Episode:
Marsh.com
GCube Insurance
Michael on LinkedIn
2024 Energy Industry Conference
Peter on LinkedIn
Energy Insurance Mutual Limited
 

Yan Veytsman is a Senior Account Executive at Marsh, specializing in risk management for large-scale projects, particularly within the renewable energy sector. Yan has successfully placed multiple construction and operational insurance policies for projects exceeding $100 million. His expertise shines in navigating the complex risks associated with natural catastrophes and developing innovative insurance solutions for the burgeoning renewable energy industry. In this episode, Yan discusses the intricacies of managing risks in the renewable energy sector, and why it’s slightly more difficult than traditional tried-and-true industries.
 
We also have Senior Vice President of Power & Renewables, Fred Wass, make a special guest appearance. Fred has been involved in the energy sector for the last 39 years and currently oversees Marsh’s Energy Practice. In his segment, he offers some insight into the energy sector as a relatively new insurance professional himself.
 
Key Takeaways:
A little bit about Yan and how he found his path in risk management.
What interests Yan about renewable energy?
Renewable energy is an industry that’s still developing, so Yan has some room to innovate and define a new model for how to run some of his accounts.
Why can’t we use other models in different industries and put them in the renewable space? Why is it so different?
With every single venture that Yan’s been involved in, he’s having to figure it out from scratch. There are too many variables to consider that don’t quite transfer over from the old tried-and-true models from well-established industries.
How has the oil and gas industry been adapting to the renewable energy sector?
Does it still make sense to invest in oil and gas?
Katie introduces a new guest, Fred Wass.
How did Fred get into this field and why has he stayed for the last 39 years?
Fred developed power plants in Pakistan early in his career, but he fell into the insurance industry about 10 years ago.
Fred believes it’s a lot easier today to talk to people within your industry and company than it was five years ago.
Fred is excited for the future! There’s so much to do and there’s a lot more to come in the next 10 years.
 
Mentioned in This Episode:
Marsh.com
Yan on LinkedIn
Fred on LinkedIn
2024 Energy Industry Conference
 

Jen Aitchison is the President of Renewable Risk Consulting Inc. With over 15 years of dedicated experience, Jen has become an award-winning leader known for her deep understanding of renewable energy risks and her ability to create transparent, economically viable insurance solutions. In this episode, Jen delves into the nuances of renewable energy insurance and the importance of education and adaptation in the sector and she offers her unique perspective on the future of energy and insurance for those still in college.
 
Key Takeaways:
This episode was recorded at Marsh’s 2024 North American Energy Industry Conference!
A big shout out to Michael Kolodner and his amazing leadership.
Everybody backs clean energy, but sometimes there is a sense of distrust about the “correct” way. Why is that?
We will need all types of energy for us to succeed in making it renewable energy.
Coal energy is dirty. We all agree it should be reduced, including the coal miners! But then it stops becoming a conversation of energy and a conversation of education and re-employment.
The average person is not aware of how many different facets of insurance exist.
People think insurance is repetitive and boring. We as an industry need to get better at showing interesting and live case studies.
Pick whatever industry your children want to go into and there’s an insurance claim that needs to be filed or underwritten within that industry.
If you’re looking for stable employment, the insurance industry will never go through a “recession.” 
What advice does Jen give to younger college students who aren’t sure what they want to do with their life?
Love sports? Love to travel? You can become an insurance underwriter for the sports industry. There are so many avenues you can go.
Why is Jen so interested in sustainability?
16 years later, Jen still finds the work she does engaging, impactful, and important!
 
Mentioned in This Episode:
Marsh.com
Renewableriskconsulting.ca
Jen on LinkedIn
Marsh’s 2024 North American Energy Industry Conference
 
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Join us as we sit down with Miles Braxton, the Director of Risk Management at Summit Ridge Energy, at the Energy Industry Conference in Houston, Texas. In this episode, Miles discusses the unique aspects of community solar, the importance of diversity in the clean energy industry, and his role in co-founding the Black Oak Collective.
 
Key Takeaways:
A little bit about Miles and his role at Summit Ridge Energy.
What is community solar?
It’s Miles’s mission to provide cheaper electricity directly to residents, especially in underserved communities.
Miles always knew he wanted to get involved with energy. He credits his high-school math teacher for the inspiration.
How did Miles transition from working on anaerobic digestion projects to focusing on solar energy?
Miles decided to join Summit Ridge Energy for a more community-impactful role and he loved the company’s mission.
What is the Society of Black Solar Professionals?
What was the inspiration for co-founding the Black Oak Collective?
Miles shares how he created strategic partnerships and relationships in his career and the impact of certain team members in propelling the Black Oak Collective.
This generation is creating a shift in company culture because they are approaching careers from a passion-driven mindset.
Miles shares the story behind his favorite colorful drink and the importance of shared experiences in building relationships.
What is the Green Gateways program by Black Oak Collective?
 
Mentioned in This Episode:
Srenergy.com
Blackoakcollective.org
Miles on LinkedIn
2024 Energy Industry Conference
Thank you :D

Michael Kolodner is the Global Renewable Energy and US Power leader at Marsh. In this episode, Michael shares insights from Marsh’s 2024 North America Energy Industry Conference. He highlights the importance of creating a collaborative space for stakeholders across the energy sector. He emphasizes the critical talent gap in the industry, the innovative approach of bringing diverse voices together, and the future of clean energy sources like geothermal.
 
The episode also features a dynamic conversation with Elisa Cardenda and Andrea Yanez, two ambitious students from the University of Houston, who share their journey into the world of risk management and energy. They shed light on the evolving perceptions and opportunities within the industry from a young perspective.
 
Key Takeaways:
A little bit about Michael and his work at Marsh.
Michael shares his approach to risk in the energy and power sector.
When attending any industry conference, it’s important to facilitate meaningful dialogue without a sales agenda.
What are Michael’s thoughts on talent acquisition and how to recruit new blood into the energy sector?
Michael shares insights gained from attending and analyzing energy industry conferences globally, particularly in Dubai and Australia, and how it shapes his leadership style and vision.
Michael admires how young professionals today seem to be more proactive than ever to advance their careers and seek support.
This business is incredibly fun and rewarding; however, the majority of people just don’t know it exists.
The barriers to entry into the risk industry are not that high. So many people have fallen into it and stayed. Law professionals aren’t able to say the same thing.
Two undergraduates join the podcast to talk about their learning experience and journey into risk management.
Elisa and Andrea share their initial misconceptions about the industry and how their exposure to the conference and educational programs changed their perceptions.
What are Elisa and Andrea’s thoughts on the Middle East and how they manage their power sector?
What makes energy so interesting and exciting for these two students?
The discussion on the diversity of the energy sector, the various career paths within it, and the evolving landscape of opportunities is an incredibly exciting space to be in.
There are no two days that are the same. You get to learn something new every day.
 
Mentioned in This Episode:
Marsh.com
Michael on LinkedIn
2024 Energy Industry Conference
 

Join Sarah Sherman, Managing Director at NFP, as she dives into the intricate world of risk management within the fusion industry. This episode sheds light on the importance of working closely with clients, the requirements for industry-specific knowledge in managing risks, and the value of clear communication and honesty in building professional credibility. Sarah discusses her journey into risk and insurance, her pivotal role in The Wattles Fellowship, and her unique position in outsource risk management at Commonwealth Fusion Systems.
 
Key Takeaways:
A little bit about Sarah and her work at NFP.
How did Sarah get into risk and insurance?
How did Sarah first get involved with The Wattles Fellowship?
Sarah explains her role as an outsource risk management in the fusion industry.
Sarah shares why she feels very integrated at Commonwealth Fusion Systems, even though it’s a client of NFP.
It’s quite common for the client or third-party company to want to continue working with an insurance provider and have them brought on full-time/in-house at their company.
If you do a good job, people will want you, no matter what!
How much do you need to know about fusion systems to accurately calculate and manage the risk?
Sarah’s top industry secret is understanding who she needs to get involved in critical conversations early on. This way, her real risk expertise can shine through and the more senior fusion experts can provide guidance and support.
Sarah breaks down how she thinks about risk and mitigates risk.
Do not underestimate the power of picking up the phone and talking to people! Text and email are slow and can be misinterpreted.
Don’t be afraid to say, “I Don’t Know.” It builds credibility as you seek to find the right and honest answer.
Are there groups and communities for risk professionals within the fusion industry?
 
Mentioned in This Episode:
Nfp.com
Cfs.energy
Wattlesfellowship.com
Sarah on LinkedIn