XL Innovate acquires all shares of New Energy Risk

XL Group, which has operations in Bermuda, has announced XL Innovate, the venture capital initiative sponsored by the company, has acquired all of the shares of data analytics and consulting firm New Energy Risk.

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.”

Dickson has more than 25 years of experience in the insurance and reinsurance industry, including executive and underwriting leadership positions.

Dickson added: “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 customised policies to encourage customer acceptance and support financing of renewable and clean energy technologies.”