CORRECTING and REPLACING New Energy Risk, Westfield Syndicate Launch New Lloyd’s Lineslip
June 27 2024 - 8:42AM
Business Wire
Please replace the release dated June 26, 2024 with the
following corrected version due to multiple revisions.
The updated release reads:
NEW ENERGY RISK, WESTFIELD SYNDICATE LAUNCH NEW LLOYD’S
LINESLIP
Specialist managing general underwriter in the global energy
transition, New Energy Risk (NER), 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. 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 were responsible for securing the required
capacity.
“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. 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.” said Tom
Dickson, CEO of New Energy Risk.
“New Energy Risk are 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.” Jeremy Shallow, Deputy Active Underwriter, Westfield
Specialty Syndicate 1200
Rachel Turk, Chief Underwriting Officer, Lloyd’s said:
“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. 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.”
“This new lineslip will enable New Energy Risk to provide
insurance solutions to clients which encourages additional capital
to develop renewable clean energy technologies. The Lloyd’s market
is an efficient way for NER to use the lineslip to service growing
insurance demand. Guy Carpenter is committed to helping clients
source capacity for innovative solutions in a new era of risk.”
Henry Sanderson, Head of Innovation & Emerging Risks, Global
Specialties, Guy Carpenter.
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 Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and
reinsurance specialist with 3,500 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
over 130 countries. With annual revenue of $23 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 and follow us on LinkedIn and X.
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version on businesswire.com: https://www.businesswire.com/news/home/20240626120730/en/
Media Contact Kara Lester for New
Energy Risk kara@gregoryfca.com