AXA XL highlights role of captive insurance in financing energy infrastructure in new report

London - April 16, 2026

AXA XL today announced the publication of a report titled "Future Energy Finance: How Captives are Powering Renewable Growth". The report, produced by Captive Intelligence in partnership with AXA XL and Aon, is available here: Future Energy Finance - Captive Intelligence.

As the world accelerates its shift toward lower-carbon energy sources, innovative risk financing strategies - including captives - are emerging as essential to overcome industry challenges and unlock sustainable growth.

The report highlights that captives are uniquely positioned to address these challenges by enabling organisations to:

• Mitigate volatility in emerging risk areas, such as prototype renewable technologies with limited historical data,
• Support long-term investments by providing stable risk capital and enhanced risk governance,
• Facilitate strategic risk sharing across complex project structures, aligning insurance and finance objectives, and
• Unlock market capacity by acting as a bridge for innovative technologies moving from pilot to commercial scale.

Vicky Roberts-Mills, Global Head of Energy Transition at AXA XL, explains: "By 2030, global renewable capacity is expected to increase by 4,600 GW, with solar and wind technologies leading the charge, accounting for nearly 80% of new capacity. As renewable projects become more complex and interconnected, captives offer a flexible and strategic platform to manage risks holistically across the value chain."

Marine Charbonnier, Head of Captives and Facultative Underwriting, APAC & Europe at AXA XL, added: "Captives are not a substitute but a complement to traditional insurance markets. They provide the control, flexibility and stability needed for organisations to navigate the complexities of a shift toward new energy sources."

Aon's Guido Benz, Head of Global Renewable Energy for Commercial Risk, also points to the growing advantages and potential of alternative risk transfer mechanisms, noting: "Captives can act as a bridge, helping new technologies move from prototype phase into mainstream insurable assets and effectively helping to kick-start market adoption".

The full report can be accessed at Captive Intelligence here: Future Energy Finance - Captive Intelligence.