Tokio Marine HCC, a specialty insurance group, 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.
GCube is an underwriter 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.
“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,” says Barry Cook, CEO of Tokio Marine.
“GCube also adds significant weight to our existing classes of specialty insurance and is in line with our strategy of acquiring businesses that possess real market-leading expertise, complement our existing portfolio and offer opportunities for growth and diversification,” he adds.
GCube employs approximately 50 people and is based in London, with additional offices in Amsterdam, New York and Newport Beach, Calif.