Ariel Green Pays Technology Performance Insurance Claim for Plastic Recycling Facility, Demonstrating Protection for Clean Energy Projects

Claim Proves How Technology Performance Insurance Protects Clean Energy Investments and Supports Continued Operations

LONDON, July 15, 2026 /PRNewswire/ -- Ariel Green today announced the payment of a Technology Performance Insurance (TPI) claim for a plastic recycling facility in South Korea, reinforcing the company's commitment to protecting innovative environmental technologies and providing investors with confidence that legitimate claims are honored.

The claim was paid following a collaborative claims process involving Ariel Green Consortium at Lloyd's as reinsurer, DB Insurance as the local insurer, and a specialized Technology Performance Insurance broker PIS. Coverage for the project remains in force through 2031 under the facility's 6.25-year policy term.

The payment demonstrates that TPI delivers meaningful protection against revenue shortfalls resulting from technology underperformance, helping clean energy projects maintain operations and preserve access to financing.

"Technology Performance Insurance is designed to respond when covered technology risks impact project performance," said Tad Dritz, Bioconversion & Hydrogen Lead at Ariel Green. "This claim reflects our commitment to meeting contractual obligations and supporting the long-term success of innovative clean energy projects."

Ariel Green's TPI solutions help mitigate technology risk for investors in emerging clean energy solutions by providing protection against technology-related performance issues that can affect project revenues. The coverage is intended to facilitate access to lower-cost debt financing and encourage broader deployment of environmental technologies.

"As the specialist broker that structured and placed this Technology Performance Insurance program, we are proud to see it perform exactly as intended—delivering real financial protection at the moment our client needed it most," said H.S. Yoo, Chief Executive Officer of PIS Nonlife Insurance Services. "This settlement sends a clear message to project developers, lenders, and investors across Korea: TPI is not a theoretical safeguard but a proven instrument that keeps innovative clean energy projects financeable and operational through unexpected setbacks. We believe it marks an important milestone for the Korean market and will accelerate the adoption of performance risk transfer for the next generation of environmental and renewable energy projects."

The insured project, operated by Eco Technology, converts plastic waste into pyrolysis oil that is co-fed into refineries with crude oil, supporting efforts to reduce solid waste and decrease dependence on fossil fuels. By enabling the facility to continue operations, the claim payment directly supports the advancement of sustainable technology solutions.

"This was the first claim to arise under a domestic Technology Performance Insurance policy, and while we were concerned about potential difficulties in interpreting and applying the policy wording, the reinsurer responded proactively, which allowed the claim to be processed smoothly and in a transparent and agreeable manner to all parties," said David Choi, Senior Manager, DB Insurance.

"As an early adopter of Technology Performance Insurance, Eco Technology has directly experienced through this claim payment the value this insurance provides within a project finance structure," said Jeong Young-hoon (정영훈), Chief Executive Officer of Eco Technology. "Technical Performance Insurance strengthens the financial stability of plant projects employing new technologies, supporting lenders and project owners in advancing their business within a more predictable framework. We extend our gratitude to PIS Nonlife Insurance Services, who helped design and broker this insurance product in Korea, and to Ariel Green, who fulfilled the coverage as committed. We hope this case serves as a positive precedent contributing to increased investment and project financing in the circular economy and carbon neutrality sector."

Ariel Green has established a strong presence in the Korean market and provides TPI for a broad range of clean energy technologies. The company's approach combines deep technical expertise with customized risk management solutions designed to meet the needs of project developers, investors, and lenders.

About Ariel Green

Ariel Green provides Technology Performance Insurance (TPI) for the clean energy industry, deploying capital through customized long-term and non-cancellable risk management solutions. As a division of Ariel Re, a premier (re)insurance business and underwriters at Lloyd's, our team is supported by the world's leading insurance and reinsurance marketplace. Ariel Green brings deep expertise and a collaborative approach to developing insurance products that enable clean energy projects to secure financing, get built and begin operations. Learn more at www.arielgreen.com.

About Eco Technology

EcoTechnology operates an advanced plastic-waste pyrolysis facility in South Korea that converts end-of-life plastics into pyrolysis oil for co-processing with crude oil at refineries. By diverting plastic waste from landfill and incineration and returning it to the petrochemical value chain, the company advances Korea's circular-economy and resource-recovery goals while reducing reliance on virgin fossil feedstock. The project is delivered together with its partner Hanil E&C.

About DB Insurance

DB Insurance Co., Ltd. (KRX: 005830) is one of South Korea's leading non-life insurance companies and a core member of the DB Group. Established in 1962, it offers a comprehensive range of long-term, auto and general (commercial) insurance products and holds a domestic non-life market share of approximately 19 percent. DB Insurance is rated A+ (Superior) by AM Best, reflecting its very strong balance sheet and operating performance, and maintains international operations across the United States, China, Indonesia and Vietnam, among others.

About PIS Nonlife Insurance Services

PIS Nonlife Insurance Services Co., Ltd. is a Korea-based specialist non-life insurance brokerage focused on complex industrial, energy and project-finance placements. PIS has particular expertise in Technology Performance Insurance (TPI) for renewable-energy and waste-to-energy projects, structuring and placing customized risk-transfer programs that help developers and lenders secure financing and protect project revenues. The firm partners with leading domestic insurers and Lloyd's market reinsurers to bring international capacity and innovative coverage solutions to the Korean market.

Media Contacts:

Email: [email protected] 
Website: www.arielre.com 
Telephone: 441-295-5485

SOURCE Ariel Green