XL Innovate Buys New Energy Risk

(RTTNews) - XL Group plc ((XL) said Tuesday that XL Innovate, the venture capital initiative sponsored by the company, has acquired all of the shares of New Energy Risk, Inc.

New Energy Risk develops and applies innovative insurance solutions based on engineering analytics, addressing new risks and underserved markets, and providing particularly high impact value for its clients.

In 2013, New Energy Risk launched an innovative technology performance insurance product for the cleantech industry, which has been used by companies like Bloom Energy, a Silicon Valley based fuel cell company. Over the past three years, New Energy Risk has worked with XL and Munich Re to insure the performance of Bloom Energy's technology, improving the financing in support of the installation of nearly 65 megawatts of clean, reliable electricity.

Tom Hutton, Managing Partner of XL Innovate, said, "We look forward to the continued expansion of New Energy Risk under the leadership of CEO Tom Dickson who has a respected track record of leading companies that respond to market opportunities with creative solutions grounded in high quality analytics, underwriting and risk assessment."