New Energy Risk

What New Energy Risk does

New Energy Risk (NER) is a Managing General Agency (MGA) headquartered in Menlo Park, California, that underwrites technology performance insurance for breakthrough clean energy and circular-economy projects. Founded in 2010, the company serves three primary customer segments: technology developers seeking bankable warranties, project developers needing tax credit and debt-service coverage, and capital providers (lenders and equity investors) requiring downside protection on novel-technology investments. Its core product set comprises Section 48 Investment Tax Credit Insurance, Section 45 Production Tax Credit Insurance, Warranty Backstop, Performance Insurance for Lenders, Performance Insurance for Equity, Custom Solutions, and Feedstock Supply Insurance (co-developed with Ecostrat).

NER's technical differentiator is a proprietary risk assessment methodology that combines Monte-Carlo simulation, techno-economic modeling, and a double-trigger insurance architecture (requiring both underperformance below a conservative threshold and provider default on matched warranties) to align incentives without moral hazard. The firm does not deal directly with buyers; it distributes exclusively through licensed brokers, with policies administered through affiliate Complex Risk and Insurance Associates, LLC. Underwriting capacity is supplied by investment-grade reinsurers including AXA XL, Westfield Syndicate at Lloyd's, Markel, and — following its April 2026 Lloyd's coverholder appointment — Syndicate 2843 sponsored by OAK Global. NER operates with a 1–10 person core team of actuaries, chartered engineers, and scientists, and is a wholly-owned division of Paragon Insurance Holdings (acquired March 2022).

The company reports that since 2013 it has enabled over $5 billion of clean capital deployment across solar, wind, fuel cells, waste-to-fuel, hydrogen, and medical isotope projects, with marquee customers including Bloom Energy, Fulcrum BioEnergy, RES Polyflow, SHINE Medical Technologies, and Topsoe. Recent strategic activity — the Lloyd's coverholder status, a 2024 Westfield Syndicate lineslip, and the Topsoe and Ascend Analytics partnerships — signals capacity expansion and vertical diversification into hydrogen and energy storage, though financial metrics including revenue, premium volume, and loss ratios are not publicly disclosed.

Name

New Energy Risk

Legal name

New Energy Risk

Website

https://newenergyrisk.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

New Energy Risk is a Menlo Park-based Managing General Agency that underwrites technology performance insurance — including Section 48/45 tax credit coverage and warranty backstops — to enable financing for breakthrough clean energy, hydrogen, waste-to-fuel, nuclear medicine, and energy storage projects, distributed exclusively through licensed brokers and backed by AXA XL, Lloyd's syndicates, and Markel capacity.

Ownership category

akta.pro rank

Product category

Specialty Insurance

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industries

Insurance Underwriting, Pricing & Accumulation Tools (P&C, Specialty, Parametric) (EUABALAF), Energy & Power Specialty (Onshore/Offshore) (FSAJAGAI)

Keywords

• Technology performance insurance
• Clean energy insurance
• Managing general agency
• Renewable energy risk
• Tax credit insurance

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums: New Energy Risk operates as an MGA earning revenue through insurance premiums on technology performance insurance policies. Policies are administered through affiliate Complex Risk and Insurance Associates, LLC and underwritten by investment-grade reinsurers including AXA XL, Lloyd's syndicates, Markel, and others. Premiums are collected from brokers/customers for coverage spanning commissioning and operations periods.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

New Energy Risk is a specialist Managing General Agency (MGA) that designs and underwrites technology performance insurance solutions for the clean energy and circular economy sectors. The company provides customized insurance products—including Investment Tax Credit Insurance (Section 48), Production Tax Credit Insurance (Section 45), Warranty Backstop, Performance Insurance for Lenders, and Performance Insurance for Equity—that transfer technology performance risk from capital markets to insurance markets, enabling financing for breakthrough clean technologies. Policies are administered through affiliate Complex Risk and Insurance Associates, LLC and backed by investment-grade reinsurers and Lloyd's syndicates.

Product overview

New Energy Risk is a specialist Managing General Agency (MGA) providing technology performance insurance solutions. The company's product portfolio centers on six core offerings: Investment Tax Credit Insurance and Production Tax Credit Insurance (for Section 48 and Section 45 IRS tax credits), Warranty Backstop, Performance Insurance for Lenders, Performance Insurance for Equity, and Custom Solutions. The company also recently launched Feedstock Supply Insurance (developed with Ecostrat) for biomass supply chain risk. All products are designed to enable breakthrough technologies for the energy transition and circular economy by transferring technology performance risk from capital markets to insurance markets. Policies are administered through affiliate Complex Risk and Insurance Associates, LLC, with coverage backed by Lloyd's syndicates and investment-grade reinsurers.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Tax Credit Insurance Coverage for Section 48 tax credits that indemnifies the tax credit beneficiary for loss of tax position, including basis, structure, and emissions, as well as technology performance over the vesting period. Designed for clean energy developers and investors seeking to monetize federal investment tax credits.
• Production Tax Credit Insurance Coverage for Section 45 tax credits that indemnifies the tax credit beneficiary for loss of tax position or production shortfalls related to technology or natural resource over the full eligibility period. Targeted at renewable energy producers (wind, solar, biomass, etc.).
• Warranty Backstop Protects buyers of insured equipment in the event that the warranty provider cannot respond to a warranted event. Seller protection is available to manage seller risk of serial defect. Supports technology providers and equipment buyers across clean tech sectors.
• Performance Insurance for Lenders Protects lenders by covering debt service in the event of facility underperformance during commissioning and/or operations, up to the full principal amount. Prevents debt default to the benefit of equity. Used by project finance lenders on clean energy projects.
• Performance Insurance for Equity Protects a tranche of senior equity by covering a performance level commensurate with a minimum return on a layer of senior equity in the event of underperformance during commissioning and/or operations. Targeted at equity investors in clean energy projects.
• Feedstock Supply Insurance (FSI) Pioneering insurance solution developed in partnership with Ecostrat to de-risk and stabilize biomass supply chains. Provides protection against feedstock price volatility and supply disruptions, transforming fragmented supply chains into bankable supply chains for bioenergy projects.
• Custom Solutions Customized risk solutions designed to meet unique technical challenges. New Energy Risk works collaboratively with clients to provide bespoke risk transfer solutions across all phases of growth for clean technology and energy transition projects.

Quantifiable outcome

• Over $5 billion in clean capital deployed for clients since 2013
• +4 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• TopsoecoreStrategic or Co-development Partner · 27 March 2025NER entered partnership with Topsoe, a global leader in carbon emission reduction technologies, to serve as preferred insurance supplier for Topsoe's hydrogen electrolyzer business. NER completed detailed technical due diligence on Topsoe's solid oxide electrolyzer technology to facilitate cost-effective financing for customers.
• Westfield SyndicatecoreTechnology or Integration · 9 July 2024NER and Westfield Syndicate launched a new Lloyd's lineslip focused on providing technology performance insurance and innovative insurance products to the energy transition space. Capacity available alongside NER's existing capacity arrangements. Guy Carpenter served as sole placing broker.
• Ascend AnalyticscoreStrategic or Co-development Partner · 12 February 2024NER and Ascend Analytics announced an industry-first energy storage insurance policy providing coverage for performance of Ascend's battery storage forecasting and bidding optimization platform (SmartBidder). Enables financing of grid-scale energy storage facilities in ERCOT, Texas.
• YilkinscoreStrategic or Co-development Partner · 5 June 2023NER provided Yilkins with a performance warranty backstop insurance program to support the company's project pipeline for low-carbon fuel production. Insurance provided by Markel Insurance SE. Enables commercial deployment of Yilkins' novel drying and torrefaction technologies worldwide.
• MarkelcoreTechnology or Integration · 19 January 2022NER announced collaboration with Markel to support dramatic growth of Bloom Energy fuel cell installations. NER underwrites and structures performance insurance solutions issued by Markel and backed with capacity from among the world's largest insurance and reinsurance companies. Nearly $300M of project costs backed by $220M of insurance capacity.
• EcostratcoreStrategic or Co-development PartnerEcostrat and NER joined forces to develop Feedstock Supply Insurance (FSI), a pioneering insurance solution to de-risk and stabilize biomass supply chains for the bioeconomy. FSI addresses barriers in investment for bioenergy projects by offering protection against feedstock price volatility and supply disruptions.
• Guy CarpenterminorChannel Partner/ Reseller/ DistributorGuy Carpenter served as sole placing broker responsible for securing required capacity for NER-Westfield Syndicate Lloyd's lineslip.
• Complex Risk and Insurance Associates, LLCcoreStrategic or Co-development PartnerNER affiliate that administers insurance policies. Licensed in California (#0I24307). Policies are administered through this affiliate entity.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Swiss Re: Global reinsurer and insurer with substantial renewable energy and energy transition risk underwriting capabilities that overlap with NER's core domain.
• Beazley: Lloyd's-focused specialty insurer with energy, environmental, and engineered risk lines. Competes for clean energy and project finance-related specialty insurance opportunities.
• Hiscox: Lloyd's specialty insurer with energy and technology E&O offerings. Provides competing specialty capacity for innovative clean tech and renewable energy risks.
• Munich Re: Global reinsurer with deep clean energy and climate risk underwriting. Provides reinsurance capacity to specialty MGAs and competes for large clean tech project risk.
• AIG (Energy and Specialty): Major P&C carrier with energy, renewable, and specialty lines underwriters. Competes for clean energy project risk and could expand into NER's niche if margins prove attractive.

Direct peers

• AXA XL: Former parent (via XL Innovate) and current capacity provider. Operates specialty P&C and clean energy underwriting capabilities that overlap with NER's technology performance insurance.
• Paragon Insurance Holdings: NER's parent company and a national MGA based in Avon, Connecticut. Operates in the same MGA model across specialty E&S lines and provides back-office and capacity support to NER.
• Tokio Marine HCC: Specialty insurance group and MGA operator with energy, clean tech, and credit/surety lines. Competes with NER for technology performance and clean energy project risk transfer.
• Markel: Specialty insurer partnering with NER on Bloom Energy and Yilkins deals. Operates in excess and surplus lines with engineering and energy capabilities adjacent to NER's product set.

Emerging players

• Ecostrat: Strategic co-development partner with NER on Feedstock Supply Insurance. Adjacent risk analytics and insurance development capabilities for the bioeconomy supply chain.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/newenergyrisk

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Energy Risk