Tokio Marine’s GCube unveils major global expansion in renewable energy
Specialist renewable energy insurer GCube, a part of Tokio Marine HCC, has expanded its global presence with the launch of new offices in Spain and Australia, and a raft of senior appointments in North America and London.
The renewable energy market is witnessing rapid growth globally, lifting the demand for specialist underwriting services that cater to the diverse and evolving risks of new markets and technologies.
GCube sees “significant investment” pouring into projects across key territories, including Europe, Australia, Asia Pacific (APAC), and the Americas.
In Australia, the insurer said that renewable energy investment has increased as the country shifts its energy generation mix away from traditional fossil fuels. “Australia’s unique environment, varying climatic regions, and increasingly severe Nat Cat events mean Australia’s renewables market poses unique risks for developers, asset managers and investors,” it noted.
GCube’s new Sydney office will be led by William Hiller who has over a decade’s worth of underwriting experience in power generation and renewable energy.
In Spain, GCube’s new Madrid office will serve the Spanish and Latin American markets, under the leadership of Sergio Guisado Mateo, senior underwriter, who will be joined by underwriting assistant Maria Medina, who moves over from TMHCC’s operations in Barcelona.
GCube highlighted that Spain’s renewables market offers favourable green policies that has sparked international investors’ interest in recent years.
In the USA, Rosa Van Reyk and Michael Galea will move into senior underwriter positions, alongside senior underwriter Landis Knorr – strengthening the company’s “largest and most experienced renewables underwriting team” in North America. Kristina Williams will step up into the role of North American claims manager, following 15+ years’ worth of complex claims and management experience.
In the UK, Josh Cantwell has been appointed head of offshore wind, and Josh Shimali has been promoted to senior underwriter – after “significant success” for GCube’s UK on- and offshore teams throughout 2021.
The latest leadership appointments aim to increase GCube’s presence in key markets across the globe, and setting the stage for further growth with new strategic hires in the pipeline.
Fraser McLachlan (pictured), CEO of GCube Insurance, explained: “Today’s announcement reflects GCube’s commitment to continually meeting the demand of the renewables market for specialist risk management expertise and robust underwriting practices. The fact that GCube continues to hold a leading position in the market after 25+ years of operations demonstrates the time we spend on understanding the ever-evolving, unique exposures and risks of developing and operating renewable energy projects.”
McLachlan added: “Bringing new senior talent into the company and putting boots on the ground in Spain and Australia is helping us consolidate our position globally, will bring a more diversified risk portfolio to the book, and build our knowledge of growing markets and country-specific risks. These new additions and promotions allow us to now build the business to an even greater mass with new recruitment on the underwriting and claims side to ensure our clients continue to experience the service they deserve across all lines of our business.”
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