An Island-based international insurer and reinsurer has opened an office in Texas to take advantage of a $100 billion boom in shale oil and gas production.

Aspen announced the move to capitalise on the emerging market — and continue its expansion plans for America.

Aspen CEO Mario Vitale said: “The shale energy boom is in full swing as US oil and gas production is soaring.

“The estimated $100 billion investment in the petrochemical industry creates new opportunities and risks for the insurance industry.”

Mr Vitale was speaking at a reception in Houston to mark the opening of the Aspen office, which will serve as a hub to market products and services to regional customers and brokers.

He added: “We are proud to be in a position to help clients and brokers in the region meet the demands of their business, especially as energy and environmental risks gain complexity, and the associated need for innovative risk management grows.”

Texas Department of Insurance Deputy Commissioner Danny Saenz said: “We are pleased to have a well-capitalised insurer open an office in Houston with plans for growth and contributions to the state economy.”

Aspen provides reinsurance and insurance coverage to clients across the globe, through wholly-owned subsidiaries and offices in Bermuda the UK, Us and elsewhere.

The firm reported $10,3 billion in total assets at the end of last year and $4.8 billion in gross reserves, as well as $3.5 billion in shareholder equity.

Aspen US Insurance, writes property, casualty and speciality insurance in the US, with an team of underwriting and claims specialists in each business line.