Introducing Tierra Part III

When we launched Tierra back in 2021, we realised that finding the right people was always going to be key to the success of the company. Our proposition is that we bring unique expertise into the insurance market, which allows us to better understand the risks associated with the energy transition and as a result we can support a wider range of projects than other insurance companies.

So when we expanded the team at the end of last year, we knew we needed someone who had in depth knowledge of the renewable energy market and we were fortunate that Penny Philpott was willing to make the jump into the insurance world to work with us. Penny joined us from Nord LB in Dec 2024, following a career in banking that saw her work on a wide range of financings with a core focus on the renewable energy market.

Penny is now well integrated into our team and so a year after she started we wanted to take the opportunity to have a Q&A with her to talk about her professional background and why she decided to leave banking and join us at Tierra.

What motivated you to join Tierra?

I’ve been working in the world of renewable energy since 2014 and during that time my eyes have been opened to the issue of climate change and the impact we are having on the world.  I know big things need to be done but as an individual I’ve always found it hard to know what I can do that will make much of an impact.

I love Tierra’s mission and so joining the team has meant I can continue working in an industry I believe in and one that allows me to do what I can towards helping the environment. 

Andrew and Gerard are so passionate, it’s impossible not to get swept up in their enthusiasm and so I had to seize the opportunity to join a developing company doing something exciting.

How have you found the switch from banking to the insurance industry?

At first it was quite daunting, joining an industry I knew very little about and where I didn’t have much of a relevant network. I had been in the banking world for quite a few years and so making the jump to insurance was always going to come with its challenges. But everyone in the industry is very friendly and open and they have all been very welcoming during my first year.

It’s been particularly interesting learning about the history of the insurance industry but also how important it has become in recent years as a partner for banks who use the credit and political risk market to help finance so many of their projects.

It has definitely taken a while to get to learn the language of insurance but I’m getting there and I’m starting to feel at home in this really interesting market.

What has surprised you the most during your first year with Tierra?

I think the first surprise I had when I joined Tierra was getting to know how large and varied the insurance market is and seeing the fascinating range of things that can be insured. Even in the credit and political risk market, where Tierra operate, the range of transactions that banks share with insurance companies is amazing to see.

And within this market, seeing the broad range and size of the renewables energy transactions that come across our desks is fascinating. In my previous role I dealt mostly with smaller European sponsors and transactions, so I’m glad I’m now getting exposure to a much wider range of deals.

But the biggest surprise of all has been learning that moving industry has not been as scary as I thought it would be. I’m lucky that I get to stay in the renewable energy world but now I get to see it from a different angle which has been a lot of fun.

What part of the renewable energy industry do you find most interesting?

I’m really enjoying learning about energy markets in different countries.  In my previous role I was only exposed to the mature European market but now I’m looking at a deal from a different part of the world every day.

It’s interesting learning how each country is taking on the task of reducing their emissions, how they are building their infrastructure to manage this and how each country has its own unique challenges it needs to overcome.

My past has been mostly looking at solar and onshore wind, so it’s great to be looking at other new technologies and seeing where the future is taking us.

How do you relax after a busy week?

I’ve got two young daughters so I’m not sure that I get that much time to relax! But at weekends I love baking with my daughters or taking family walks in the woods.

I’m a big fan of running and bootcamp (to counteract those cakes we bake!) and I’ve recently signed up to an ultra with my husband (full disclosure it’s the half distance event but that’s still 50km) so I had better start training for that. He is extremely competitive and thinks we are running it all. I imagine a walk or jog with lots of sugar along the way!

Dec 2025