The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close in the second quarter of 2020.
"We are pleased to acquire this outstanding underwriting organization and welcome the passion the GCube team of market-leading renewable energy professionals brings to the development of climate-friendly business models," said Susan Rivera, Tokio Marine HCC’s Chief Executive Officer.
GCube is one of the world’s largest underwriters of renewable energy, covering wind, solar, bio, hydro, wave and tidal projects globally. The business writes global property and liability cover for renewable energy construction and operational risks in 40 countries around the world and is a significant capacity provider to this expanding and dynamic market. GCube employs approximately 50 people and is based in London with additional offices in Amsterdam, New York and Newport Beach, California.
"This strategic investment underlines our commitment to the renewable energy insurance market and our desire to actively address the issues around sustainability, helping us move towards a safe, secure and sustainable future. GCube also adds significant weight to our existing classes of specialty insurance and is in line with our strategy of acquiring businesses which possess real market-leading expertise, complement our existing portfolio and offer opportunities for growth and diversification," stated Barry Cook, Chief Executive Officer of Tokio Marine HCC – International Group.
Fraser McLachlan, GCube’s Chief Executive Officer, commented, "We are delighted to become part of the Tokio Marine HCC family. The group’s corporate social responsibility efforts, financial strength and global reach leave us ideally positioned to continue our expansion in one of the most vibrant and evolving sectors of the market."
“We have worked closely with the GCube team for a number of years, and their addition to our group is a natural extension of this relationship. The renewable market offers significant opportunities for growth, and GCube’s 25 years’ experience as a global leader clearly positions Tokio Marine HCC as an important trading and innovation partner in this emerging field,” added Simon Button, Chief Underwriting Officer – London Market division of Tokio Marine HCC – International Group.
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