Tokio Marine eyes 'new hotspots' for renewable energy expansion

Specialty insurance group Tokio Marine HCC is planning to expand its presence in the renewable energy sector, specifically in new hotspots in South East Asia, South America, the Middle East and Africa.

Tokio Marine has completed the acquisition of specialist renewable energy underwriter GCube, and believes that the company is "well-placed" to expand its presence in key renewables markets including Japan and Taiwan.

The company stated that the renewable energy sector is an evolving and dynamic space that is witnessing significant growth, with increasing size, complexity and financial value.

It pointed out that the industry is expanding rapidly not only in established markets in the US, Europe and China, but also in new hotspots in South East Asia, South America, the Middle East and Africa.

According to Tokio Marine, the acquisition will create a new ‘centre of excellence’ in renewable energy insurance.

Fraser McLachlan, GCube’s chief executive officer, said: “Becoming part of Tokio Marine HCC is an exciting step for GCube, giving us real impetus as we continue to support the global expansion of renewables. Critically, our shared values mean we can build on the attributes that set us apart in the market, including our drive to share knowledge to the benefit of the sector, our support for new technologies and our integrity in paying claims.”

Simon Button, chief underwriting officer – London Market division of Tokio Marine HCC – International Group, commented: “Like GCube, Tokio Marine HCC has committed significant investment to renewable energy insurance in the past decade, and the acquisition recognizes the significant benefit we can jointly bring to this market. As a business, we focus our strategic growth on acquiring partners that offer a unique strength and depth in the insurance marketplace and bringing GCube into the Tokio Marine HCC fold is the natural culmination of that strategy in clean energy.”