Tokio Marine Group to launch GX business to support green transformation
Tokio Marine Holdings announced the launch of Tokio Marine GX, a new underwriting business dedicated to providing specialist insurance and risk management solutions to businesses looking to decarbonize their operations and unlock new green opportunities.
Founded upon GCube’s decades of experience in renewable energy underwriting, Tokio Marine & Nichido Fire’s market-leading offshore marine offering, and with expertise drawn from across Tokio Marine’s global operations, TMGX will provide products and services for clients committed to more sustainable practices.
TMGX will offer up to $500 million on any single risk and is committed to becoming a prominent lead underwriter.
Fraser McLachlan, CEO of GCube, has been appointed to the new role of Chairman at TMGX and Ben Kinder, Chief Underwriting Officer for Marine, Energy & Renewables at Tokio Marine HCC International, will take on the role of CUO at TMGX, in addition to his existing role at TMHCCI.
Tokio Marine GX, an abbreviation of Green Transformation and an acknowledgment of Japan’s green transformation strategy, is Tokio Marine Group’s response to the growing demand for insurance that is critical to transitioning to a more decarbonized, sustainable society. TMGX will offer advisory and risk transfer for businesses, across multiple sectors, seeking to decarbonize their operations. From renewable energy and conventional power providers, to construction and industry, its teams will work with businesses around the world, at every stage of their transition journey.
The business will offer a range of products and services to address risks linked to green initiatives from financial products, such as credit and surety, to bespoke policies for renewables, nuclear and hydrogen risks.
“We are delighted to announce the launch of Tokio Marine GX. This is a unique insurance proposition. It offers access to the pioneering underwriting spirit of GCube, combined with expertise drawn from across Tokio Marine’s global operations. TMGX clients will benefit from deep claims experience, holistic support and extensive risk appetite in every facet of renewable energy and the green transition. All of this is backed by the financial resources and capacity of one of the world’s largest insurers and an institutional commitment to accelerating societal progress. TMGX will ensure that Tokio Marine is at the forefront of the green transition.” – Brad Irick, Managing Executive Officer and Co-Head of International – Tokio Marine Holdings.
“TMGX will harness the collective expertise and experience from across the Tokio Marine Group to stand shoulder-to-shoulder with clients at each stage of their decarbonization journey. Together, we will unlock new commercial opportunities, while creating a greener, more resilient world for tomorrow.” – Fraser McLachlan, Chairman of TMGX.
