DUBLIN, Ireland, Sept. 29, 2015 /PRNewswire/ -- XL Group plc ("XL"
or the "Company") (NYSE: XL) announced today that XL Innovate, the
venture capital initiative sponsored by the Company, has acquired
all of the shares of New Energy Risk, Inc.
Tom Hutton, Managing Partner of
XL Innovate, said: "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. 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. New Energy Risk is a great example of
the kinds of businesses XL Innovate looks to grow. It 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."
Mr. 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. Mr.
Dickson previously served as CEO and Chief Underwriting Officer of
the Centre Group, an innovative international insurance and
reinsurance group.
Commenting on his new role, Mr. 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 cleantech industry, which has
been used by companies like Bloom Energy, a Silicon Valley based
fuel cell company. 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.
About XL Innovate
XL Innovate is an XL sponsored venture capital initiative
focused on making investments in companies with businesses that
address the world's most complex risk and ensuring the relevancy of
the insurance industry today and into the future. XL Innovate will
seek to invest in companies that strive to create opportunities
outside of the traditional underwriting space by finding ways to
underwrite currently uninsured risks. To learn more, visit
www.xlinnovate.com
About New Energy Risk
New Energy Risk is a provider of innovative data analytics,
strategic consulting and financial risk transfer solutions to the
renewable energy industry worldwide. It was founded by Tom Hutton in 2011 to serve as a risk assessor
and intermediary between clean-energy innovators and insurers. For
more information, visit www.newenergyrisk.com.
About Bloom Energy
Bloom Energy is a provider of breakthrough solid oxide fuel cell
technology generating clean, highly-efficient on-site power from
multiple fuel sources. The company was founded in 2001 with a
mission to make clean, reliable energy affordable for everyone in
the world. Bloom Energy Servers are currently producing power for
several Fortune 500 companies including Google, Walmart, AT&T,
eBay, Staples, The Coca-Cola Company, as well as notable non-profit
organizations such as Caltech and Kaiser Permanente. For more
information, visit www.bloomenergy.com.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin for
answers to their most complex risks and to help move their world
forward. To learn more, visit www.xlcatlin.com.
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SOURCE XL Group plc