Dublin-based XL Group plc announced that XL Innovate*, the venture capital fund sponsored by the company, has acquired all of the shares of New Energy Risk Inc.
“New Energy Risk has developed and delivered to the market unique performance warranty products which enable clean technology companies to obtain the project financing they need in order to grow,” said Tom Hutton, managing partner of XL Innovate.
Headquartered in Menlo Park, Calif., New Energy Risk “develops and applies innovative insurance solutions based on engineering analytics, addressing new risks and underserved markets, and providing particularly high impact value for its clients,” he said.
“We look forward to the continued expansion of New Energy Risk under the leadership of CEO Tom Dickson, who has a respected track record of leading companies that respond to market opportunities with creative solutions grounded in high quality analytics, underwriting and risk assessment,” Hutton continued.
Dickson has more than 25 years of experience in the insurance and reinsurance industry, including executive and underwriting leadership positions. He founded and ran Meetinghouse LLC, a private firm specializing in investment management for insurance, reinsurance and structured credit markets. Dickson previously served as CEO and chief underwriting officer of the Centre Group, an international insurance and reinsurance group.
Commenting on his new role, Dickson said: “I’m excited to be back in an underwriting role, and particularly excited by the opportunity to address such high value client relationships throughout the world. At New Energy Risk, we collaborate closely with customers, brokers, financiers and other intermediaries in developing customized policies to encourage customer acceptance and support financing of renewable and clean energy technologies.”
In 2013, New Energy Risk launched an innovative technology performance insurance product for the clean technology (cleantech) industry, which has been used by companies like Bloom Energy, a Silicon Valley-based fuel cell company, XL Innovate said in a statement, which announced the acquisition.
“Over the past three years, New Energy Risk has worked with XL and Munich Re to insure the performance of Bloom Energy’s technology, improving the financing in support of the installation of nearly 65 megawatts of clean, reliable electricity,” said the statement.
* Menlo Park, Calif.-based XL Innovate is a venture capital fund focused on creating businesses that provide new and innovative solutions to risk. It seeks to invest in companies that “strive to create opportunities outside of the traditional underwriting space by finding ways to underwrite currently uninsured risks.”
Source: XL Group
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