Tag Archives: New Energy Risk

New Energy Risk Publishes Sustainability Report, Adds Two Key Hires

AVON, Conn. /ScoopCloud/ -- New Energy Risk (NER), a wholly-owned division of Paragon Insurance Group, today announces the release of its annual Sustainability Report and two key hires to support its goal of "Underwriting a Greener Future."

The report details the climate, sustainability, and environmental impacts of NER's client portfolio, where innovations to reduce carbon intensity for fuels and power, as well as to promote the circular economy and curb wastefulness, have led to increased impact year-to-year, with some impact measures increasing more than 100%.

"I am proud of the tireless effort every member of our team has put in over the past year, and the Sustainability Report clearly lays out how our creative solutions continue to deliver real-world results," NER Chief Executive Officer Tom Dickson said.

Visit the New Energy Risk website to view the full report: https://newenergyrisk.com/ner-releases-its-2021-sustainability-report/

NER is adding Richard Riley as business development manager. He brings a wealth of experience in engineering, project management, EPR reactors and novel energy storage.

Krista Sutton also joins the company as principal engineer. She adds talent and depth to NER's technical diligence team where she has deep experience in chemical engineering and environmental engineering focused on biofuels.

"We are thrilled to bring talent like Richard and Krista aboard as we look to solidify NER as the market leader and take aim at the world's climate challenges," Dickson said.

About New Energy Risk:

New Energy Risk is a pioneer of large-scale, breakthrough technology performance insurance solutions. The company provides complex risk assessment and serves as a bridge between technology innovators, financiers, and insurers. Insurance policies are administered through New Energy Risk affiliate Complex Risk and Insurance Associates, LLC, CA License #0I24307. Learn more: https://newenergyrisk.com/.

About Paragon:

Paragon Insurance Holdings, LLC, formed in 2014, writes all commercial lines of insurance across more than 20 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://www.paragoninsgroup.com/.

New Energy Risk (NER), a wholly-owned division of Paragon Insurance Group, today announces the release of its annual Sustainability Report and two key hires to support its goal of "Underwriting a Greener Future." The report details the climate, sustainability, and environmental impacts of NER's client portfolio.

Related link: https://newenergyrisk.com/

NER Announces Hire of George Schulz as Managing Director, Program Development

AVON, Conn. /ScoopCloud/ -- New Energy Risk (NER), a wholly-owned division of Paragon Insurance Group, today announced the hire of George Schulz as Managing Director, Program Development, in the latest confirmation of Paragon's commitment to continuing investment in the green technology space.

Schulz, who previously served as market leader in the Americas for Ariel Re's clean energy team, brings a depth of experience in using insurance to support the financing, customer adoption and achievement of scale of new technologies and the growth of the companies developing, manufacturing, managing, and deploying these technologies.

"We're excited to welcome George to our team," NER Chief Executive Officer Tom Dickson said. "He is well respected across the industry and will play a key part in NER's goal of 'Underwriting a Greener Future.'"

Prior to joining NER, Schulz held several positions on the forefront of technology performance risk products over his 25-year career, including his role as leader of Munich Re's Special Enterprise Risks team.

"I'm looking forward to joining Tom and the NER team at such a critical juncture in the company's growth trajectory," Schulz said.

About New Energy Risk:

New Energy Risk is a pioneer of large-scale, breakthrough technology performance insurance solutions. The company provides complex risk assessment and serves as a bridge between technology innovators, financiers, and insurers. Insurance policies are administered through New Energy Risk affiliate Complex Risk and Insurance Associates, LLC, CA License #0I24307.

About Paragon:

Paragon Insurance Holdings, LLC, formed in 2014, writes all commercial lines of insurance across more than 20 programs. Paragon's industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Visit: https://www.paragoninsgroup.com/.

New Energy Risk (NER), a wholly-owned division of Paragon Insurance Group, today announced the hire of George Schulz as Managing Director, Program Development, in the latest confirmation of Paragon's commitment to continuing investment in the green technology space.

New Energy Risk Announces Milestone as Clients Raise $3B in Capital, Also Announce Senior Promotions

AVON, Conn. /ScoopCloud/ -- New Energy Risk (NER), a wholly-owned division of Paragon Insurance Group, on June 30 surpassed $3 billion in capital raised by clients since inception, a pivotal marker as the company continues to support the deployment of innovative technology solutions to address climate change and other global challenges.

Learn more about this achievement in NER's announcement, https://newenergyrisk.com/clients-surpass-3-billion/, and more about some of NER's clients via its case studies, https://newenergyrisk.com/case-studies/.

"This $3 billion milestone demonstrates the success of our products and underscores our commitment to 'Underwriting a Greener Future,'" NER Chief Executive Officer Tom Dickson said. "We are at the forefront of providing insurance solutions to the innovators who are accelerating the green energy transition. The capital they raise is an indication of rapidly increasing investor demand for positive impact."

Building on this momentum, NER is announcing that Chief Actuary Sherry Huang, a seven-year veteran of the company, is expanding her role to also support transaction approval and execution as chief actuary and managing director of underwriting development. Brad Price is being promoted from principal engineer to managing director of technical due diligence. Brentan Alexander has stepped down as president of NER and will be joining an emerging technology firm in the coming weeks. He has been a key leader in the success of NER since joining in 2012 and will remain involved as a consultant to NER for an extended period of time.

"Congratulations to the NER team and to Brad and Sherry on their additional responsibilities and to Brentan on his new endeavor," said Andy Borst, Paragon's president of E&S and International. "The $3 billion in capital raised is a major achievement that confirms NER as a leader in providing innovative solutions and underscores Paragon's commitment to investing in and supporting businesses that help address climate change and other global challenges."

About New Energy Risk:

New Energy Risk is a pioneer of large-scale, breakthrough technology performance insurance solutions. The company provides complex risk assessment and serves as a bridge between technology innovators, financiers, and insurers. Insurance policies are administered through New Energy Risk affiliate Complex Risk and Insurance Associates, LLC, CA License #0I24307. Visit: https://newenergyrisk.com/.

About Paragon:

Paragon Insurance Holdings, LLC, formed in 2014, writes all commercial lines of insurance across more than 20 programs. Paragon's industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Visit: https://www.paragoninsgroup.com/.

New Energy Risk (NER), a wholly-owned division of Paragon Insurance Group, on June 30 surpassed $3 billion in capital raised by clients since inception, a pivotal marker as the company continues to support the deployment of innovative technology solutions to address climate change and other global challenges.

Related link: https://www.paragoninsgroup.com/

Paragon Acquires Greener Future and ESG-focused New Energy Risk

AVON, Conn. /ScoopCloud/ -- Paragon Insurance Holdings, LLC, a national MGA based in Avon, Connecticut, announces today the acquisition of New Energy Risk (NER), an insurance solutions provider to a wide range of energy technologies and related infrastructure projects and technologies that accelerate the energy transition.

The deal represents Paragon's latest expansion into the global specialty Excess & Surplus lines market and brings additional high-rated reinsurance capacity providers supporting the ongoing build out of its portfolio.

"We're excited to welcome NER to Paragon," Ron Ganiats, CEO and co-founder of Paragon said. "With NER's talent, carrier and reinsurance following, we will now be at the forefront of providing insurance solutions to the technology and project leaders that continue to move into the energy space."

The announcement comes amid a strong period of growth for NER on the back of rising demand for its unique risk assessment and underwriting services. NER, in a push toward Underwriting a Greener Future(tm), continues to develop new products to meet shifts in the economy as energy sources transition toward sustainability and industries decarbonize. The company has also implemented its own Environmental, Social and Governance (ESG) client framework during this critical period to better respond to these market trends.

"We understand the needs of energy technology companies, project developers and investors in this space. We translate the 'arcane' insurance market on their behalf and deliver what they need to secure cost-effective project finance and expedite customer adoption," Tom Dickson, CEO of NER, said.

NER was founded in 2010 by Tom Hutton, former CEO of RMS and White Mountains Re, in partnership with then XL Group. In 2015, XL Innovate (XLI), an insurtech venture fund, was formed. NER became XLI's first portfolio company. NER had been operating as a majority-owned subsidiary of AXA under its AXA XL brand.

"NER is at an inflection point," said Hutton, who will remain involved as an advisor after the acquisition. "We are all committed to investing in its continued growth and to see the impactful results of its products and services, especially given the transformative support of Paragon."

About New Energy Risk

New Energy Risk is a pioneer of large-scale, breakthrough technology performance insurance solutions. The company provides complex risk assessment and serves as a bridge between technology innovators, financiers, and insurers. Insurance policies are administered through New Energy Risk affiliate Complex Risk and Insurance Associates, LLC, CA License #0I24307. Visit: https://newenergyrisk.com/.

About Paragon

Paragon Insurance Holdings, LLC, formed in 2014, writes all commercial lines of insurance across more than 20 programs. Paragon's industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Visit: https://www.paragoninsgroup.com/.

Paragon Insurance Holdings, LLC, a national MGA based in Avon, Connecticut, announces today the acquisition of New Energy Risk (NER), an insurance solutions provider to a wide range of energy technologies and related infrastructure projects and technologies that accelerate the energy transition.

Related link: https://www.paragoninsgroup.com/