New Energy Risk, Westfield Syndicate Launch New Lloyd’s Lineslip
2024年6月27日 - 2:34AM
ビジネスワイヤ(英語)
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240626120730/en/
Media Contact Kara Lester for New
Energy Risk kara@gregoryfca.com