Tokio Marine has completed the previously announced acquisition ofGCube, a specialist renewable energy underwriter.
The company expects to create a new ‘centre of excellence’ in renewable energy insurance, by combining its global footprint and financial scale with GCube’s 25-year track record supporting renewable developers and asset owners.
GCube works closely with its insured clients across offshore wind, solar, hydro, wave, tidal and energy storage, to assess and tackle emerging risks.
GCube CEO Fraser McLachlan said: “Becoming part of Tokio Marine 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.”
GCube now intends to expand its presence in key renewables markets globally, including Japan and Taiwan, while continuing to develop its product offering to asset and portfolio owners.
Tokio Marine International Group chief underwriting officer Simon Button said: “As a business, we focus our strategic growth on acquiring partners that offer a unique strength and depth in the insurance marketplace and bringingGCube into the Tokio Marine fold is the natural culmination of that strategy in clean energy.”
Last year, the company purchased Privilege Underwriters for $3.1bn to boost its US operations.