Tokio Marine HCC has completed its previously announced acquisition of GCube, creating a new ‘centre of excellence’ for renewable energy insurance.
The acquisition of specialist renewable energy insurer, GCube by Tokio Marine HCC was announced in early March. The deal combines GCube’s extensive track record supporting renewables developers and asset owners globally with Tokio Marine’s international footprint and financial scale.
As the renewable energy sector continues to evolve and expand, the acquisition creates a new ‘centre of excellence’ for renewable energy insurance, says Tokio Marine HCC. The company notes that the marketplace continues to increase in size and complexity, while at the same time expanding rapidly in numerous parts of the world.
This growth, says Tokio Marine, is altering risk profiles for insureds and their project development and operations. Insureds grapple with numerous exposures from extreme weather and natural disasters to cyber security and supply chain risks, and to properly manage these unique exposures requires a range of specialist insurance solutions, explains the firm.
Following the deal, GCube, which has established a reputation for working closely with its insured clients and the wider-market, will be positioned well to expand its presence in key renewables markets around the world, including Japan and Taiwan, while continuing to develop and enhance its product offering.
GCube’s Chief Executive Officer (CEO), Fraser McLachlan, said: “Becoming part of Tokio Marine HCC is an exciting step for GCube, giving us real impetus as we continue to support the global expansion of renewables. Critically, our shared values mean we can build on the attributes that set us apart in the market, including our drive to share knowledge to the benefit of the sector, our support for new technologies and our integrity in paying claims.”
Simon Button, Chief Underwriting Officer (CUO) – London Market Division of Tokio Marine HCC – International Group, added: “Like GCube, Tokio Marine HCC has committed significant investment to renewable energy insurance in the past decade, and the acquisition recognizes the significant benefit we can jointly bring to this market. As a business, we focus our strategic growth on acquiring partners that offer a unique strength and depth in the insurance marketplace and bringing GCube into the Tokio Marine HCC fold is the natural culmination of that strategy in clean energy.”
