AVON, Conn., March 17, 2022 (SEND2PRESS NEWSWIRE) —Ā Paragon Insurance Holdings, LLC, a national MGA based in Avon, Connecticut, announces todayĀ the acquisition of New Energy RiskĀ (NER),Ā 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 Paragonās latest expansionĀ into the global specialtyĀ Excess & Surplus lines market andĀ brings additional high-rated reinsurance capacity providers supporting the ongoing build out of its portfolio.
āWeāre excited to welcome NER to Paragon,ā Ron Ganiats, CEO and co-founder of Paragon said.Ā āWith NERās 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.ā
The announcement comes amid a strong period of growth forĀ NERĀ on the back of rising demandĀ for its unique risk assessment and underwriting services.Ā NER, in a push toward Underwriting a GreenerĀ Future™, 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.
āWe understand the needs of energy technology companies, project developers and investors in this space. We translate the āarcaneā insurance market on their behalf and deliver what they need to secure cost-effective project finance and expedite customer adoption,ā Tom Dickson, CEO ofĀ NER, said.
NER was foundedĀ 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 XLIās first portfolio company. NER had been operating as a majority-owned subsidiary of AXA under its AXA XL brand.
āNER is at an inflection point,ā said Hutton, who will remain involved as an advisor after the acquisition. āWe 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.ā
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:Ā https://newenergyrisk.com/.
About Paragon
Paragon Insurance Holdings, LLC, formed in 2014, writes all commercial lines of insurance across more than 20 programs. Paragonās industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Visit:Ā https://www.paragoninsgroup.com/.
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