New Energy Risk has secured Lloyd’s coverholder status for its tax credit insurance business. Oak Global sponsored NER’s application and will underwrite the business through Syndicate 2843. The coverholder status was granted through NER’s parent, Paragon Insurance Group.

George Schulz, CEO of NER, said: “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.”

Cathal Carr, founder and CEO of OAK Global, added: “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.”