GCube bolsters US operations with New York hire
GCube Insurance Services (GCube), a specialist provider of renewable energy insurance services, has bolstered its US operations with the appointment of Brian Tyluki as SVP, senior underwriter, in the firm’s New York office, as the business re-signs a number of strategic clients for new and operational projects.
With renewable energy projects in the US having experienced a number of severe natural catastrophe events that have resulted in an increase in claims, there is a high corresponding need for insurers that are able to provide quality advisory and underwriting in property and casualty services for their clients, in order that the US renewable energy industry receives the right support to facilitate its next phase of growth.
Prior to joining GCube, Tyluki worked at Axis Capital, where he looked after clients involved in renewable energy. While he has spent the bulk of his fifteen-year career leading the casualty efforts for multiple carriers in the traditional and renewable energy space, he brings with him a specialist knowledge of property as well, ensuring that he will be able to work immediately with GCube’s longstanding US clients.
At present the US wind industry is facing both challenges and opportunities - firstly in the form of the removal of the Production Tax Credit, which has spurred the industry’s development in the last 25 years, but secondly, the chance to develop an entirely new offshore wind industry at scale.
For the supporting insurance industry, this places a dual emphasis on underwriting an onshore industry with tighter margins, while also backing a new industrial sector and supply chain - ensuring early losses are minimised in project development.
Commenting on Tyluki’s appointment, Jatin Sharma, president, GCube, said: “The US renewable energy market has seen a number of challenges in recent years that have caused the supporting insurance sector, in some cases, to re-evaluate further widespread capacity for projects.
“However, at GCube, with an unmatched heritage and experience in the sector, we’ve navigated these challenges by bringing new products to market, and ensuring we have a strong reputation with our insureds by paying claims promptly and professionally.
“We’re looking forward to welcoming Brian into our team of over 30 dedicated underwriters and capitalizing on his experience to date.”
Tyluki added: “Joining a mature and leading MGA in the sector is a great prospect. GCube is unique in its authority to bind insurance business and settle claims, which, as an underwriter, offers a genuine opportunity to really understand the renewables sector, while continuing to give our capital providers firm confidence in GCube’s insurance services. I’m thrilled to be joining such a talented team and I look forward to contributing to the long-term success of the organization.”
In 2019, GCube supported over 100GW of renewable energy capacity in the US and paid over $700 million in claims.