Ariel Re has relaunched its clean energy division as Ariel Green, recognising the increase in innovative areas such as hydrogen, solar, bioenergy and energy storage.
The global insurer has identified the importance in Technology Performance Insurance which will protect against hydrogen production shortfalls caused by technology failures, enabling manufacturers to issue long-term projects to secure funding and become operational.
Technology Performance Insurance in the clean energy sector will allow lower-cost capital providers to manage aggregation risk in commercialised technologies and take part in innovative projects without applying a risk premium.
So far, Ariel Re has insured $30bn worth of assets around the world, covering over 30 clean energy technologies, including more than 100GW of solar warranties.
Jan Napiorkowski, Ariel Green Managing Director, said, “Especially in today’s high-interest market, we believe that performance insurance offers technology manufacturers and developers a powerful differentiator that can help them reassure investors, obtain financing on better terms, and increase speed to market.
“As the world strives to reach Net Zero, we’re responding to the increasing need to finance the trillions required to make the transition to clean energy.”
Since 2016, Ariel Re has offered clean energy Technology Performance Insurance through its Syndicate 1910 at Lloyd’s, however in the past seven years this area of the business has seen growth, alongside the growth in the clean energy sectors such as hydrogen.
Ryan Mather, CEO of Ariel Re, commented, “We offer to our capital providers a variety of uncorrelated, highly-tailored risk classes, and Ariel Green brings a very strong value proposition, both in terms of technical underwriting expertise and in improving their ESG footprint – our capital really likes that.”
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