AVON, Conn.–(BUSINESS WIRE)–Specialist managing general underwriter in the global energy transition, New Energy Risk (“NER”), a wholly owned division of Paragon Insurance Group, and leading insurer Westfield Syndicate have announced the launch of a new Lloyd’s lineslip focused on providing technology performance insurance and other innovative insurance products to the energy transition space.
With the additional capacity available under the lineslip, NER continues to expand its platform to accelerate innovation in the energy transition space. NER’s insurance solutions enable its clients to advance the breakthrough technologies required to meet the world’s climate and sustainability targets.
“With the passage of the Inflation Reduction Act in the U.S. and similarly ambitious support in the U.K., Europe and elsewhere, the energy transition is at an inflection point,” said Tom Dickson, CEO of New Energy Risk. “Since 2013, NER has enabled over $4B of capital deployments and almost a quarter of that has been in the past 12 months. NER is proud to be operating with Lloyd’s and its history of innovation, building the partnerships necessary to continue supporting this trend and bringing impactful technology to the market at scale.”
“Insurance has a vital role to play in creating the environment in which new lower carbon technologies can reach scale and commercial viability and we are very supportive of thoughtful and disciplined underwriting that supports the goals of the global energy transition,” said Rachel Turk, Chief Underwriting Officer, Lloyd’s. “We are delighted to see the allocation of risk capital to businesses focusing on the transition to renewable energy and with the recent launch of the TCX transition risk code, this will enable the market to further lean into the opportunities that transitioning to a lower carbon economy brings.”
The capacity will be available, alongside NER’s existing capacity arrangements, to service demand arising in areas such as fuel cells, hydrogen, low-carbon fuels, carbon capture and U.S. tax credits. Guy Carpenter served as the sole placing broker and was responsible for securing the required capacity.
“Obtaining Lloyd’s capacity is an important milestone for New Energy Risk and this new lineslip will enable them to provide insurance solutions to clients, which encourages additional capital to develop new and renewable clean energy technologies. The insurance demand in the energy transition space is outstripping supply and the Lloyd’s market is an efficient way for NER to service this demand. Guy Carpenter is committed to helping clients source capacity for innovative and emerging risks,” said Henry Sanderson, Head of Innovation & Emerging Risks, Global Specialties, Guy Carpenter.
Jeremy Shallow, Deputy Active Underwriter, Westfield Specialty Syndicate 1200 added, “New Energy Risk is bridging the gap between insurance and the deployment of breakthrough technologies in renewable energy, and at Westfield Specialty we are delighted to be able to support this. Tom and his team have a sophisticated approach to the challenges presented by new technologies, and we are excited by the prospects of being a part of the transition journey alongside New Energy Risk.”
About New Energy Risk
New Energy Risk is a leading provider of innovative technical risk transfer solutions to the sustainable industry worldwide and pioneered the development of large-scale technology performance insurance. It was founded in 2010 to provide complex risk assessment and serve as an effective bridge between clean-energy innovators and insurers enabling the commercialization of novel technologies and businesses driving the energy transition. Since then, New Energy Risk has helped its customers gain over $4 billion in financing and sales for renewable energy and new technology deployments. To learn more, please visit www.newenergyrisk.com
About Paragon
Paragon Insurance Holdings, LLC, a Galway Holdings company formed in 2014, writes all commercial lines of insurance across more than 25 programs. Paragon’s industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Learn more: https://paragoninsgroup.com/
About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and reinsurance specialist with 3,400 professionals in over 60 offices around the world. Guy Carpenter delivers a powerful combination of broking expertise, trusted strategic advisory services and industry-leading analytics to help clients adapt to emerging opportunities and achieve profitable growth. Guy Carpenter is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses including Marsh, Mercer and Oliver Wyman. For more information, visit www.guycarp.com
Contacts
Media Contact
Kara Lester for New Energy Risk
