Tokio Marine HCC has announced it has completed the acquisition of specialist renewable energy underwriter, GCube.
The company said 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.
Following the acquisition by Tokio Marine HCC, GCube will be “well-placed” 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 chief executive 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.”
Tokio Marine HCC, London market division chief underwriting officer, Simon Button added: “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.”