New Energy Risk, a firm specialises in technology performance insurance, has received Lloyd’s coverholder approval for its tax credit insurance operations.
The application was backed by OAK Global, which will underwrite the business through Syndicate 2843, OAK Reinsurance, under its Transition TCX class.
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The appointment was granted through NER’s parent, Paragon Insurance Group.
It allows NER to underwrite and bind insurance on behalf of Lloyd’s syndicates.
It also increases the capacity supporting NER’s tax credit insurance products, which are designed around the availability, transferability and monetisation of tax credits and are used in funding clean energy projects in the US.
For OAK Global, the sponsorship forms part of OAK Horizon, a business unit launched on 1 January 2026 and focused on underwriting across the climate and technology sector.
New Energy Risk focuses on technology performance insurance. The firm provides risk assessment services and connects technology developers, financiers and insurers.
NER CEO George Schulz commented: “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.”
The arrangement broadens OAK Global’s footprint in the US climate and technology market.
OAK Global CEO and founder Cathal Carr said: “New Energy Risk has built significant expertise in a segment that’s critical to the US 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.”
