CORRECTING and REPLACING New Energy Risk, Westfield Syndicate Launch New Lloyd’s Lineslip

Rhea-AI Summary

New Energy Risk (NER) and Westfield Syndicate have launched a new Lloyd’s lineslip to offer technology performance insurance and other innovative insurance products in the energy transition sector. This initiative boosts NER’s platform to support technologies like fuel cells, hydrogen, low-carbon fuels, and carbon capture, aiding global climate and sustainability goals. Guy Carpenter, as the sole placing broker, secured the required capacity for this lineslip. Since 2013, NER has facilitated over $4 billion in capital deployments, with a significant portion in the past 12 months. The collaboration aims to bridge the gap between insurance and renewable energy technologies, enhancing commercial viability and scalability.

AVON, Conn.--(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.

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

Source: New Energy Risk

FAQ

What is the new Lloyd’s lineslip launched by New Energy Risk and Westfield Syndicate?

The new Lloyd’s lineslip provides technology performance insurance and other innovative insurance products to support the energy transition sector.

When was the updated press release about the New Energy Risk and Westfield Syndicate lineslip launched?

The updated press release was issued on June 26, 2024.

Which broker secured the capacity for the new Lloyd’s lineslip?

Guy Carpenter served as the sole placing broker and secured the required capacity for the new Lloyd’s lineslip.

How much capital has New Energy Risk enabled in deployments since 2013?

New Energy Risk has enabled over $4 billion in capital deployments since 2013.

What technologies will the new Lloyd’s lineslip focus on?

The new Lloyd’s lineslip will focus on technologies such as fuel cells, hydrogen, low-carbon fuels, and carbon capture.

What role does New Energy Risk play in the energy transition?

New Energy Risk provides insurance solutions that support the commercialization of novel clean energy technologies, helping to meet global climate and sustainability targets.

Who is the head of innovation at Guy Carpenter?

Henry Sanderson is the head of innovation and emerging risks at Guy Carpenter.