Tokio Marine HCC completes GCube acquisition

Tokio Marine HCC has completed its acquisition of specialist renewable energy underwriter, GCube.

With 25 years' market experience supporting renewables developers and asset owners worldwide, GCube has worked across on- and offshore wind, solar, hydro, wave, tidal and energy storage, and will be instrumental in supporting the group's presence in key renewables markets worldwide, including Japan and Taiwan.

Fraser McLachlan, GCube’s CEO, 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, CUO of the 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 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.”

The renewable energy sector is expanding rapidly in established markets in the US, Europe and China, as well as in new hotspots in South East Asia, South America, the Middle East and Africa.

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