Tokio Marine HCC to acquire GCube
Tokio Marine HCC announced it has signed a purchase agreement to acquire managing general agent GCube, a renewable energy risks specialist. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close in the second quarter of 2020.
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 coverage 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.” Barry Cook, Chief Executive Officer of Tokio Marine HCC – International Group.
“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.” – Fraser McLachlan, GCube’s Chief Executive Officer.