GCube writes global property and liability cover for renewable energy construction and operational risks in 40 countries
Image: Tokio Marine HCC acquires Uk-based renewable energy risks specialist. (Credit: Pixabay/Erich Westendarp.)
Tokio Marine HCC, a subsidiary of Tokio Marine, has signed an agreement to acquire GCube, a renewable energy risks managing general agent for an undisclosed amount.
The deal is subject to regulatory approval and other customary closing conditions and is expected to complete in the second quarter of this year.
GCube has 25 years of experience in insuring renewable energy projects and claims to have underwritten over 100GW of assets worldwide.
Tokio Marine HCC CEO Susan Rivera said: “We are pleased to acquire this outstanding underwriting organization and welcome the passion the GCube team of market-leading renewable energy professionals brings to the development of climate-friendly business models.”
GCube covers several kinds of renewable assets including wind, solar, biomass, wave, tidal, hydropower and energy storage systems, mainly across the US, Europe, Australia, South Africa and Asia. For 2018, the firm earned $132m in premiums.
The company writes global property and liability cover for renewable energy construction and operational risks in 40 countries.
GCube has a workforce of nearly 50 people
Based in London, GCube has a workforce of nearly 50 people, with additional offices in Amsterdam, New York and Newport Beach, California.
GCube CEO Fraser McLachlan said: “We are delighted to become part of the Tokio Marine HCC family. The group’s corporate social responsibility efforts, financial strength and global reach leave us ideally positioned to continue our expansion in one of the most vibrant and evolving sectors of the market.”
Tokio Marine HCC international group London Market Division chief underwriting officer Simon Button said: “We have worked closely with the GCube team for a number of years, and their addition to our group is a natural extension of this relationship.
“The renewable market offers significant opportunities for growth, and GCube’s 25 years’ experience as a global leader clearly positions Tokio Marine HCC as an important trading and innovation partner in this emerging field.”
Headquartered in Houston, Texas, Tokio Marine HCC is a major specialty insurance group with offices in the United States, Mexico, the UK and Continental Europe.
Last month, Tokio Marine Insurance (Thailand) and Safety Insurance have completed the integration of their two companies, after receiving approval from the Office of Insurance Commission.
Suteechai Santivarakum has been appointed as the CEO and Hironori Kiryu has been appointed as the president of the newly created Tokio Marine Safety Insurance (Thailand) (TMSTH).