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Message from GCube Insurance Services President, John McLane
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If 2011 is viewed as a year of significant change for GCube in the US, we anticipate 2012 to be a year during which we confirm our strategies and build momentum. Although we are only a few days into the new year, this is already taking shape.
The renewal of commitment by capital providers for 2012 was stronger than ever including the new participants. In particular, we are very happy to have Munich Re among the list of capital providers in 2012. This significant development is a confirmation of the underwriting approach GCube is developing and gives us the opportunity to respond to market demand for innovative new products. More detail about this is included in the body of the newsletter. This is the first time GCube has had underwriting authority from a capital provider outside London and the highly regarded technical resources of Munich Re.
In the US, GCube comes into 2012 with five underwriters with binding authority in place as of January 1. We anticipate the relocation of a colleague from our London office to New York in 1Q 2012. One year ago we had only one. Four of the six are seasoned underwriting professionals. We plan to continue adding to our underwriting staff in 2012 when the right opportunities are present.
In March 2012, GCube is hosting our first US Advisory Panel meeting with 10 to 12 insureds and their brokers participating. The purpose of the panel is to raise the level of critical thinking and dialogue about risk management issues in renewable energy. This would include topics such as improving equipment availability and reliability, condition monitoring, risk financing alternatives to insurance, insurance product development and loss control and loss mitigation strategies. Although small, the panel will consist of regulated utilities, independent power owner/operators, and developer contractors.
Our strategy in 2012 also includes forming strategic relationships with service contractors, equipment manufacturers and suppliers, and key industry associations to leverage our unique position as the largest dedicated insurer of renewable energy projects. This effort along with the kick-off of our Advisory Panel is dedicated to working with the industry to improve the availability, reliability and financial performance of all renewable energy projects.
GCube is proud to be a leader in the renewable energy business. In 2012 and the years ahead, we plan to demonstrate that with a commitment to innovation that has been so characteristic of the industry historically, and a commitment to excellence which is very much where the industry is headed.
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GCube Enters Into Agreement with Munich RE
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GCube is pleased to announced that it has entered into a new agreement with Munich Re adding additional capacity and capabilities to its existing renewable energy insurance services offering.
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GCube Increases Capacity by an Additional $100 Million for Offshore Renewable Energy
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GCube continues to support offshore development through increase in its underwriting capability.
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GCube is Pleased to Present Its New Website
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We invite you to visit the site and learn more about our products and services
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GCube Underwrites Australia’s First 10MW Solar Farm
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GCube has underwritten Australia’s first utility-scale solar power project, the Greenough River Solar Farm due to be operational in mid-2012.
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