New Energy Risk secures Lloyd’s coverholder status with backing from OAK Global

New Energy Risk (NER) has obtained Lloyd’s coverholder status for its tax credit insurance business, with sponsorship and underwriting support from OAK Global through Syndicate 2843.

The appointment allows NER to underwrite and bind policies on behalf of Lloyd’s, expanding capacity for its tax credit insurance products tied to renewable energy and low carbon infrastructure financing in the U.S.

“Achieving Lloyd’s coverholder status represents an important validation of our underwriting discipline, risk management framework, and expertise in tax credit risk. Our ability to combine technical underwriting, legal expertise, actuarial rigor and market insight allows us to provide scalable, high-quality insurance solutions that help investors, developers and lenders manage tax credit risks with confidence. We are excited to work with OAK Global as a leading capacity partner. Their innovative underwriting philosophy, combined with deep underwriting expertise and focus on execution, is an opportunity that will allow us to grow this market.” – George Schulz, CEO of NER.

For OAK Global, the partnership sits within its OAK Horizon unit, focused on climate and technology risks.

“New Energy Risk has built significant expertise in a segment that’s critical to the U.S. energy transition. We’re pleased to sponsor their coverholder status at Lloyd’s and to work alongside them through OAK Horizon, where tax credit insurance fits naturally with other innovative structures supporting the financing of low-carbon infrastructure.” – Cathal Carr, Founder and CEO of OAK Global.