Paragon Announces Acquisition of New Energy Risk
Paragon Insurance Holdings announced the acquisition of New Energy Risk (NER), a greener future and ESG-focused firm providing several energy technologies that accelerate the energy transition and sustainability.
The acquisition helps Paragon expand its global speciality Excess & Surplus lines market and brings more professional and high-rated reinsurance capacity providers to develop its portfolio.
Ron Ganiats, CEO and co-founder of Paragon, said: "We are excited to welcome NER to Paragon. With NER’s 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.”
The acquisition comes when NER experiences rising demand for its unique risk assessment and underwriting services. NER has pledged to strive for a greener future. It continues to develop new products to meet energy transition in the economy and promote sustainability. The firm has also established its environmental, social and governance (ESG) client framework to respond efficiently to these market changes.
Tom Dickson, CEO of NER, said: "We understand the needs of energy technology companies, project developers and investors in this space. We translate the ‘arcane’ insurance market on their behalf and deliver what they need to secure cost-effective project finance and expedite customer adoption.”
Tom Hutton, the former CEO of RMS and White Mountains Re, founded NER in 2010, in association with then XL Group. After XL Innovate (XLI) was formed in 2015, NER became the first portfolio company of XLI.
Hutton said: "NER is at an inflection point. We 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.”