Ariel Re, the global re/insurer with offices in Bermuda, London and Hong Kong, has re-launched its clean-energy division as “Ariel Green”.

The company said the move recognises the increasingly crucial role of technology performance insurance in accelerating innovation in solar, energy storage, hydrogen and bio energy to help curb climate change.

Ariel Re said it has insured $30 billion worth of assets on six continents, covering more than 30 clean-energy technologies, including 100+ GW of solar warranties, a milestone reached this year.

Technology performance insurance policies protect against production shortfalls caused by technology failures, enabling manufacturers to issue long-term warranties and clean-energy projects to secure funding, successfully start up, get built and operate profitably.

Ariel Re said this allows lower-cost capital providers to manage aggregation risk in commercialised technologies and participate in innovative projects without applying a risk premium.

Ryan Mather, the Bermuda-based CEO of Ariel Re, said: “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."

He added: “Offering debt tenor matching, non-cancellable Lloyd’s policies shows that Ariel is a thoughtful, consistent and predictable long-term partner for our brokers and clients. And Ariel Green’s process applies this to the insurance side of our business too.”

Hong-Kong based Jan Napiorkowski, Ariel Green’s managing director, pioneered technology performance insurance in 2009, the company said.

Mr Napiorkowski 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.

“And as more clean-energy projects come online, legacy fossil fuel facilities can be shuttered, and their emissions abated.”

Ariel Re underwrites insurance and reinsurance products through its Syndicate 1910 at Lloyd’s of London.

It has offered clean-energy technology performance insurance since 2016.

Over the past seven years, Ariel Re said, this “niche” business has experienced strong growth, expanding with interest and investment in a wide range of renewables and clean-energy projects, including solar, energy storage, bio fuels, waste-to-energy, hydrogen and fuel cells.

Mr Napiorkowski said Ariel Green’s value to the industry is built on the technical and financial expertise that its team of specialised underwriters brings to projects, and the way they collaborate with clients to develop customised solutions.

“We’re well equipped to deploy insurance capital and support the industry’s largest projects with meaningful risk transfer,” he said.

Mr Napiorkowski added: “Our new brand will enable us to communicate more effectively to the wider clean-energy markets.

“Despite our success to date, we feel that we are only scratching the surface as many tech companies, project developers and investors remain unaware of technology performance insurance, and how it can help them backstop warranties, secure financing for projects or enable mergers and acquisitions.”