GCube Insurance (GCube), a global underwriter for renewable projects and a member of the Tokio Marine group of companies, has officially launched in Australia as part of its global expansion goals.
Following GCube’s entry into the Sydney market in 2022, the underwriter’s products will now be underwritten on locally authorised paper issued by Tokio Marine & Nichido Fire Insurance Co Australia (TMNFA).
Deploying its suite of products via its locally admitted business enables GCube to broaden its Australian presence and tap into a wider range of clients and brokers as the country’s renewable market faces complex and growing risks.
“As we continue our ongoing global expansion, set out in 2022, GCube has firmly established itself in the local Australian market,” GCube Insurance CEO Fraser McLachlan said. “The faster decision-making that writing on local paper facilitates means that the company can improve its service to existing Australian clients and offer that same, high-quality service to a broader range of projects in the country.”
“There is currently significant potential and appetite for renewable energy projects across Australia. But the country’s unique environment and varying climatic conditions pose unique risks,” said GCube Insurance underwriter William Hiller.
“GCube’s new local office will enable our specialised team to help a wider range of customers mitigate those risks and positively support the sector as it moves into its next phase of growth and market development.”
After more than two decades of company growth, GCube has embarked on an ongoing campaign of global expansion.
In April 2022, GCube, acquired by Tokio Marine HCC in 2020, expanded its global presence by entering the Australian and Spanish markets in response to the growing renewable energy market and significant investment into projects across key territories.
The business has worked with the Australian market from London for 15 years.
From here, the company will look to ramp up its regional presence.
