OAK Global and New Energy Risk Announce Lloyd’s Coverholder Arrangement for Tax Credit Insurance

Business Wire

Partnership supports financing of renewable energy and low-carbon infrastructure in the U.S.

AVON, Conn. & LONDON--(BUSINESS WIRE)--
New Energy Risk (‘NER’), a specialist in technology performance insurance with more than a decade of experience underwriting complex technology projects, and OAK Global, a leading risk partner that combines science and data-driven analytics with extensive underwriting expertise, today announced that NER has obtained Lloyd’s coverholder status for its tax credit insurance business. OAK Global has sponsored NER’s application and will underwrite the business through Syndicate 2843 (OAK Reinsurance) as part of its Transition TCX class, extending OAK Global's U.S. presence in the climate and technology space.

The coverholder appointment, granted via NER’s parent company, Paragon Insurance Group on 1 April 2026, authorises NER to underwrite and bind insurance on behalf of Lloyd’s syndicates. It extends the capacity behind NER’s tax credit insurance products, which address the availability, transferability and monetisation of tax credits, and which play a practical role in the financing of clean energy projects 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,” said George Schulz, CEO of NER. “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,” added Mr Schulz. “Their innovative underwriting philosophy, combined with deep underwriting expertise and focus on execution, is an opportunity that will allow us to grow this market.”

For OAK Global, the sponsorship sits within OAK Horizon, a strategic business unit which commenced operations on 1 January 2026 and is focused on underwriting across the climate and technology ecosystem.

“New Energy Risk has built significant expertise in a segment that’s critical to the U.S. energy transition," said Cathal Carr, Founder and CEO of OAK Global. “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.”

About New Energy Risk:

New Energy Risk is a pioneer of large-scale, breakthrough technology performance insurance solutions. The company provides complex risk assessment and serves as a bridge between technology innovators, financiers, and insurers. Insurance policies are administered through New Energy Risk affiliate Complex Risk and Insurance Associates, LLC, CA License #0I24307. Learn more: newenergyrisk.com.

About Paragon:

Paragon Insurance Holdings, LLC, formed in 2014, writes all commercial lines of insurance across more than 20 programs. Paragon’s industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Learn more: paragoninsgroup.com.

About OAK Global

OAK Global, OAK Reinsurance, OAK Enterprise and OAK Horizon are trading names of OAK Servco Limited (company number 15702736). OAK Servco Limited is an Appointed Representative of Polo Managing Agency Limited (company registration number 03935227, FCA firm reference number 204976). In an era of evolving risk, we support our clients today in building resilience for tomorrow. Combining science and data-driven analytics with extensive underwriting expertise, we deliver innovative risk solutions and leading insight. Through our commitment to collaborative, long-term partnerships, our team tailors these solutions to each client’s specific needs.

Underwriting through Syndicates 2843 and 1440, rooted in the strength of Lloyd’s which holds Financial Strength ratings of: A+ AM Best, AA- S&P and AA- Fitch.

Find out more here: www.oakglobal.com