Ariel Green
Ariel Green is a Lloyd's of London specialty insurer (a division of Ariel Re) offering long-term, non-cancellable Technology Performance Insurance that backstops clean energy projects and OEM warranties to enable project financing across solar, storage, hydrogen, bioconversion, and waste-to-energy.
- Company typePrivate
- Founded2005
- HeadquartersLondon, United Kingdom
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Ariel Green does
Ariel Green is a specialty insurer providing Technology Performance Insurance (TPI) — customized, long-term (typically 10–15 years, up to 30 years in some cases) and non-cancellable policies that backstop the performance of clean energy projects and equipment. Operating as a clean energy division of Ariel Re and underwriting through Lloyd's of London Syndicate 1910, the company delivers four core product lines: Long-term Output Cover (protecting debt service during underperformance), Startup Repair Cover (covering the commissioning-to-nameplate window), Performance Guarantee Backstop (upgrading OEM and developer warranties to investment grade), and bespoke custom cover. Per-risk capacity is aggregated through the Lloyd's TPI Consortium (up to $150M per risk, expandable) and bespoke frameworks have reached $1.5 billion (Frontier Power USA). To date, Ariel Green has insured approximately $30 billion of assets across 30+ clean energy technologies and 160+ projects globally, spanning solar PV, battery energy storage, hydrogen and fuel cells, bioconversion, and waste-to-energy, with cumulative experience covering 100+ GW of solar warranties and 8+ GW of project performance guarantees.
The company sells primarily to three enterprise segments: project developers and independent power producers seeking investment-grade risk mitigation to access project financing; OEMs of clean energy equipment (solar modules, battery cells, fuel cells) wanting to offer investment-grade warranties; and lending institutions that need confidence in long-dated technology performance to participate in non-recourse project finance. Ariel Green goes to market both directly and through a global network of brokers including Aon, Lockton, HUB International, DB Insurance, and PIS Nonlife. Distribution leverages Lloyd's worldwide licensing infrastructure, and the company's pricing model is fully bespoke — coverage terms and limits are sized per project rather than via published rate cards. Founded within Ariel Re in 2005, TPI capabilities were launched in 2016, the clean energy division was rebranded as Ariel Green in September 2023 under Managing Director Jan Napiorkowski (who pioneered TPI in 2009 at Munich Re), and the parent was acquired by Pelican Ventures and J.C. Flowers in November 2020. The company is headquartered in London with a regional office in Hong Kong and is not separately capitalised — its revenues are not publicly disclosed.
Ariel Green firmographics
Firmographics- Name
- Ariel Green
- Legal name
- Ariel Re BDA Limited
- Website
- https://arielgreen.com
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Ariel Green is a Lloyd's of London specialty insurer (a division of Ariel Re) offering long-term, non-cancellable Technology Performance Insurance that backstops clean energy projects and OEM warranties to enable project financing across solar, storage, hydrogen, bioconversion, and waste-to-energy.
- Ownership category
- akta.pro rank
Where Ariel Green is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
Ariel Green business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Technology Performance Insurance Premiums: Insurance premiums collected for providing Technology Performance Insurance coverage to clean energy projects. Coverage terms typically range from 10-15 years and are non-cancellable. Policies are customized to meet specific project needs with coverage amounts sized at project level.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom enterprise coverage sized per project |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Ariel Green product offering
Product offeringCore offering
Ariel Green offers Technology Performance Insurance (TPI) for clean energy projects, underwriting customized long-term (typically 10-15 years) and non-cancellable risk management solutions at Lloyd's of London. The products cover project output shortfalls, startup/commissioning failures, and backstop OEM performance guarantees, enabling project developers, equipment manufacturers, and lenders to secure financing and operate clean energy assets such as solar, battery storage, hydrogen, and bioconversion projects.
Product overview
Ariel Green is a Technology Performance Insurer offering specialized insurance products for the clean energy industry. As a division of Ariel Re underwriters at Lloyd's of London, the company provides customized long-term and non-cancellable risk management solutions. The core product is Technology Performance Insurance (TPI), which includes Long-term Output Cover, Startup Repair Cover, Performance Guarantee Backstop, and Custom Insurance Products. These products enable clean energy projects to secure financing, get built, and begin operations by protecting against technology failures.
Differentiator
Problem solved
Functional benefit
Products and services
- Technology Performance Insurance (TPI) Core insurance product that protects against technology failures, enabling manufacturers to issue investment-grade warranties and clean energy projects to secure funding, get built, successfully startup, and operate profitably. Targeted at project developers, OEMs, and lenders in the clean energy sector.
- Long-term Output Cover Insures project output up to an agreed attachment level that keeps debt service and other critical costs covered while corrective action is taken to return the project to profitability. Designed for clean energy project owners, lenders, and equity investors.
- Startup Repair Cover Provides confidence that funding is available to enable projects to reach name plate capacity and begin commercial operations during the risky commissioning period from mechanical completion through startup performance tests. Targeted at project developers and EPC firms.
- Performance Guarantee Backstop Upgrades standard performance guarantees to investment grade, enabling risk-averse equity investors and debtholders to participate in clean energy projects that use innovative technologies. Used by OEMs and project developers seeking to backstop warranty obligations.
- Custom Insurance Products Bespoke insurance products prepared specifically to enable clean energy projects to advance towards fruition, covering unique risk management needs. Tailored for individual project requirements across solar, storage, hydrogen, and bioconversion technologies.
- Lloyd's TPI Consortium Consortium-based capacity solution hosted at Lloyd's of London that aggregates underwriting capacity from multiple markets to deliver TPI coverage, providing up to $150M aggregate per risk capacity (with more available in special circumstances). Targeted at enterprise clean energy projects requiring large-scale risk transfer.
Quantifiable outcome
- First TPI policies specifically designed for energy storage projects in the UK market (Pulse Clean Energy)
- +1 more outcomes
Companies that use Ariel Green
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles4 records
Ariel Green technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Ariel Green partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered flagship, core, supporting and regional.
- Eos Energy EnterprisesflagshipJoint venture to form Frontier Power USA for deploying American-made long-duration energy storage using Eos' proprietary zinc-bromide Z3 technology at gigawatt scale. Eos to fund equity through ~$150 million rights offering. Platform combines Eos' technology, Cerberus' capital, and Ariel Green's TPI.
- AoncoreAon is the broker facilitating insurance placement. Aon plc (NYSE: AON) exists to shape decisions for the better, providing actionable analytic insight, globally integrated Risk Capital and Human Capital expertise to clients in over 120 countries.
- Eversheds SutherlandsupportingGlobal law practice serving as legal adviser for transactions. Operates in over 70 offices in more than 30 countries across Europe, US, Middle East, Africa, and Asia.
- ELITE SolarcoreAriel Green provided insurance coverage for ELITE Solar's solar module performance warranty for up to 30 years. ELITE Solar is a Bloomberg New Energy Finance Tier 1 manufacturer since 2012 with over 20 years of proven reliability, headquartered in Singapore with production in Vietnam, Indonesia, and Egypt.
- LocktoncoreLockton served as broker for ELITE Solar partnership. Lockton is the world's largest privately held, independent insurance broker with 13,000+ Associates doing business in more than 155+ countries.
- Grain EcosystemcorePartnership to enhance support for carbon removal initiatives such as biochar production. Grain Ecosystem is the leading platform for developers of waste-to-value projects, providing project origination, funding, certification, setup, evaluation, and profitability calculation.
- Lloyd's of London TPI ConsortiumflagshipLloyd's first-ever Technology Performance Insurance Consortium, launched in 2023 and expanded in 2024. Growing number of markets participating and capacity available. Rachel Turk, Lloyd's Chief Underwriting Officer noted Lloyd's unique global platform to host the renewable consortium.
- Eco Creation Co., Ltd.regionalTPI provided for the Gyeongju Waste Emulsification Project using Eco Creation's low-temperature pyrolysis technology to produce oil from 100 tons of plastic waste daily. This is the largest waste emulsification project in Korea, backed by Shinhan Bank, Shinhan Capital, and IBK Capital.
- DB Insurance Co., Ltd.regionalKorean-based insurance company through which Ariel Green provides reinsurance for the Gyeongju Waste Emulsification Project. Part of Korean insurance ecosystem.
- PIS Nonlife Insurance Services Co., Ltd.regionalKorean-based insurance brokerage firm specializing in Technology Performance Insurance, facilitating Ariel Green's Korean waste-to-energy project coverage.
- Great PowercorePartnership for TPI coverage for Great Power's battery cells and systems, backstopping the company's warranty. Great Power is a leading global battery manufacturer since 2001, providing energy storage products in more than 50 countries.
- EcogensuscoreInsurance coverage for long-term performance warranty of Ecogensus' recyclers processing solid waste into high performance biofuels. Also developed project revenue protection program with up to 10-year facility level output performance warranty.
- Powin Storage SolutionscoreBattery Storage System Replacement Cover backstopping Powin's contracted capacity guarantee at Invenergy's utility-scale project in Baja Californian Sur, Mexico. Covers warranty default from unexpected defects and accelerated degradation.
- HUB InternationalsupportingExclusive insurance broker for Powin Storage Solutions transaction. HUB International is a leading global insurance broker.
- NovaSource Power ServicescoreSolar Power Outage Insurance backing PeGu liabilities for NovaSource's portfolio of utility-scale solar plants in US and abroad. NovaSource is a leader in solar O&M acquired by Clairvest Group from SunPower Corporation.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
Ariel Green competitors and assessment
Company assessmentBroad incumbents
- Swiss Re: Major global reinsurer with a dedicated renewable energy and clean tech practice offering performance covers, output warranties, and project finance backstops. A broad incumbent serving overlapping clean energy technology insurance needs across solar, wind, and storage.
- Beazley: Specialty insurer at Lloyd's of London with broad capabilities across renewable energy, energy storage, and emerging technology risks. Operates in the same Lloyd's marketplace as Ariel Green and serves overlapping developer and OEM customers.
- Aspen Insurance: Specialty insurer at Lloyd's with energy and renewable technology capabilities including performance and warranty coverages. Operates in the same Lloyd's marketplace and serves overlapping clean energy clients.
- Munich Re: Global reinsurer and the historical pioneer of performance insurance for clean energy. Ariel Green's leadership team (including Jan Napiorkowski and Christine Sun) previously led Munich Re's clean energy practice. Munich Re offers competing TPI and broader clean energy risk transfer at much larger scale.
- AXA XL: Global specialty insurance and reinsurance division of AXA offering renewable energy and clean tech coverages including performance and construction all-risk policies. A broad incumbent serving project developers, OEMs, and lenders across clean energy technologies.
- Allianz Global Corporate & Specialty: Specialty insurance arm of Allianz serving large corporate and energy clients with renewable energy coverages including performance and warranty products. A broad incumbent with deep balance sheet and global broker relationships in clean energy insurance.
- HSB (Hartford Steam Boiler): Specialty insurer (part of Munich Re) focused on equipment breakdown and emerging technology risks, including renewable energy and energy storage. Adjacent specialty capability for technology performance and warranty risks.
- Liberty Specialty Insurance: Specialty insurer at Lloyd's providing clean energy and renewable technology coverage including solar, wind, and energy storage performance covers. A broad incumbent in the same Lloyd's marketplace with comparable broker distribution.
Direct peers
- GCube Insurance: Specialty insurer focused exclusively on renewable energy risks, providing cover for solar, wind, energy storage, and other clean energy projects globally. Closest direct competitor to Ariel Green given overlapping product focus on technology and performance risk in clean energy.
Emerging players
- kWh Analytics: Solar risk analytics and insurance platform serving solar financiers and developers with data-driven performance assessment and structured insurance products. An emerging technology-enabled player intersecting with Ariel Green's solar PV underwriting activity.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Ariel Green social profiles
Digital presenceAriel Green compliance and trust
Trust signalCompliance5 records
Ariel Green financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ariel Green leadership team
Management profileNumber of profiles
Profiles8 records
Ariel Green funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ariel Green M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ariel Green
What does Ariel Green do?
Ariel Green offers Technology Performance Insurance (TPI) for clean energy projects, underwriting customized long-term (typically 10-15 years) and non-cancellable risk management solutions at Lloyd's of London. The products cover project output shortfalls, startup/commissioning failures, and backstop OEM performance guarantees, enabling project developers, equipment manufacturers, and lenders to secure financing and operate clean energy assets such as solar, battery storage, hydrogen, and bioconversion projects.
Is Ariel Green a public or private company?
Ariel Green is a private company. It is classified as private equity controlled and is currently operating.
When was Ariel Green founded?
Ariel Green was founded in 2005. It employs 51 to 100 people.
Where is Ariel Green based?
Ariel Green is headquartered in London, United Kingdom, in the Europe region.
How does Ariel Green make money?
One revenue line is on record: technology Performance Insurance Premiums.
Who are Ariel Green's main competitors?
Broad incumbents on record are Swiss Re, Beazley, Aspen Insurance, Munich Re, AXA XL, Allianz Global Corporate & Specialty, HSB (Hartford Steam Boiler) and Liberty Specialty Insurance. GCube Insurance is listed as a direct peer. kWh Analytics is listed as an emerging player.
Does Ariel Green have an API?
No public API is recorded for Ariel Green.