Texas-headquartered insurance group Tokio Marine has acquired renewable energy projects insurance firm GCube.
The acquisition will create a new ‘centre of excellence’ in renewable energy insurance, combining GCube’s 25-year track record supporting renewables developers and asset owners worldwide with Tokio Marine HCC’s global footprint and financial scale.
The renewable energy sector is an evolving and dynamic space that is witnessing significant growth. The size, complexity and financial value of generating assets continues to increase.
At the same time renewable energy projects and infrastructure face risk from extreme weather and natural perils, cybersecurity, supply chain pressures, and evolving mechanical and electrical breakdown issues hence the need for developers and owners to insure them.
The acquisition by Tokio Marine HCC, is expected to help GCube to expand its presence in key renewables markets worldwide, including Japan and Taiwan, while continuing to develop and enhance its product offering to asset and portfolio owners.
GCube has established a reputation across on- and offshore wind, solar, hydro, wave, tidal and energy storage markets.
Fraser McLachlan, the CEO of GCube, 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 – London Market division of Tokio Marine HCC – International Group, commented: “Like GCube, Tokio Marine HCC has committed significant investment to renewable energy insurance in the past decade, and the acquisition recognises 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.”