AXA XL’s New Energy Risk subsidiary has partnered with insurer Markel to address the surge in demand for Bloom Energy fuel cell technology in the U.S. and globally.
The collaboration sees New Energy Risk underwrite and structure performance insurance solutions that are issued by a member of company of Markel, and backed with capacity from some of the world’s largest re/insurers.
The firms explain how Bloom Energy’s leading solid oxide fuel cell technology provides clean reliable and cost-predictable on-site power. For roughly the past nine years, policies supported by New Energy Risk and underwritten by parent AXA XL have insured fuel cell capacity in both the U.S. and South Korea.
The insurance solutions provided by New Energy Risk are based on sophisticated analysis of Bloom’s strong technology performance. Of the policies already written under this new collaboration between New Energy Risk and Markel, almost $300 million of project costs have been backed by $220 million of insurance capacity.
Tom Dickson, Chief Executive Officer (CEO) of New Energy Risk, commented: “Risk transfer for fuel cell performance is one of the many ways that New Energy Risk is advancing a cleaner future, and collaboration with Markel represents an increasing appetite in the insurance industry for such technologies.
“We are very pleased to have collaborative, longtime partners including Markel, with whom we will continue to build a more sustainable world.”
Scott Gunter, AXA XL CEO, said: “As a pioneering leader in new energy performance insurance solutions, AXA XL is excited to see New Energy Risk’s continued growth and, with Markel’s added support, greater industry involvement. Collaboration like this is what needs to happen to help our clients address climate change risks and prepare for a net-zero future.”
Rob Whitt, managing executive corporate development for Markel, added: “Markel is very pleased to be supporting the use of fuel cell technology both in the United States and around the globe with innovative insurance products.
“We have stood alongside New Energy Risk for many years in our reinsurance division, and this new collaboration recognizes our shared belief that performance insurance is a powerful tool for helping solve global challenges in energy and beyond.”
