Message from GCube Insurance Services President, John McLane John McLane President 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. GCube Enters Into Agreement with Munich RE 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. GCube Increases Capacity by an Additional $100 Million for Offshore Renewable Energy GCube continues to support offshore development through increase in its underwriting capability.   GCube is Pleased to Present Its New Website We invite you to visit the site and learn more about our products and services   GCube Underwrites Australia’s First 10MW Solar Farm GCube has underwritten Australia’s first utility-scale solar power project, the Greenough River Solar Farm due to be operational in mid-2012. For More Information on Our Products and Services

Meet Your Underwriting Team Capacity Coverage Quick Sheet Read the Latest Articles and Interviews with the GCube Team New Broker Portal Coming Soon We are building a new private portal to provide you with easy access to information about GCube products and services. Sign up today for your secure access.

We welcome your feedback and encourage you to share your ideas for topics you would like for us to cover in future issues. Please send your comments or suggestions to
Kathy McConnell, VP of Marketing at kathy.mcconnell@gcube-insurance.com

  ]]> http://www.gcube-insurance.com/2012/volume-1-february-2012/feed 0 http://www.gcube-insurance.com/2012/gcube-enters-partnership-deal-munich-re?utm_source=rss&utm_medium=rss&utm_campaign=gcube-enters-partnership-deal-munich-re http://www.gcube-insurance.com/2012/gcube-enters-partnership-deal-munich-re#comments Tue, 07 Feb 2012 03:28:45 +0000 GCube http://www.gcube-insurance.com/?p=2014 February 8, 2012, New York & London – GCube, the leading provider of insurance services for renewable energy initiatives, has entered into a partnership agreement with Munich Re.

The deal links two of the leading players currently operating in the renewable energy space; introducing new capacity into the market and fostering greater potential for future sector innovation and growth.

Under the terms of the agreement, the new capacity from Munich Re will diversify and enhance the existing GCube underwriting offering.  The introduction of this new capacity represents a major step forward for GCube and for the wider clean technology industry, as the markets scale to meet future underwriting requirements.

In addition, the agreement enables GCube to access new underwriting lines of business including entrepreneurial and weather related risk solutions.

These new insurance lines enhance the existing end user offering and provide GCube with the means to introduce new products and services to the renewable energy markets.

Munich Re Board member Thomas Blunck commented: “We are delighted to have concluded this strategic cooperation. With our expertise, we can assume very special renewable energy risks and help provide greater investment security. We see considerable growth potential in risk solutions for renewable energy within the next years.”

“No one is under any illusion that 2012 is going to be another significant and game-changing year for the international renewable energy markets,” said Fraser McLachlan, Chief Executive Officer, GCube.”

“With competition still fierce, it is important that we do not continue to chase rates down as some sector participants seem intent on doing.  As such, it is important that we seek new partnerships that will allow us to continue to diversify, while offering high security capacity and new product lines to the market.”

“In North America alone, there are already $1bn North American solar power plants, while in Europe and Asia, the appetite for offshore wind energy continues to accelerate.  However, as this ambitious area of the energy market continues to evolve, so too do the needs and demands of the developers, investors and operators working within it.

“Our new partnership agreement with Munich Re ensures that we continue to meet these needs; improving the level of protection and cover to some of the most dynamic players within the international clean energy markets.”

The partnership agreement comes into effect immediately.

About GCube
GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro and tidal around the globe.

Its specialized focus and robust underwriting authority offers unparalleled property and liability insurance coverage for all construction and operational risks. With over 25 year’s experience in the renewable energy sector, GCube understands the unique exposures of these power generation projects and assists its clients in identifying, quantifying and mitigating risk efficiently and economically while helping them achieve their business objectives.

To learn more about how we can support your insurance coverage requirements, please visit our website at www.gcube-insurance.com.

For further information please contact:
Tamarindo Communications
Adam Barber
E:  gcube@tamarindocomms.com
T:  +44 (0) 20 7193 6013 | 917 310 3307

A Word About Wind

January 31, 2012

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With significant growth in the offshore renewable energy sector, particularly in Europe and potentially the US and South East Asia in the near future, there is a market need for insurance capacity that supports the increasing size and global proliferation of offshore wind developments.

Having a long and highly regarded reputation in underwriting renewable energy risks, GCube has secured the additional financial sector support despite a difficult market – once again highlighting the confidence in the business from its capital providers.

“While more expensive than its onshore counterpart, offshore wind is politically beneficial and offers the potential for a much larger market,” said Fraser McLachlan, Chief Executive Officer, GCube.  “Part of its substantial cost base is due to the technical challenges of installation and maintenance.  Working directly with new capital, we are now able to offer underwriting capacity that will support the most ambitious offshore developments worldwide.”

John McLane, President, GCube Insurance Services, Inc. added, “With the development of North American offshore wind energy still a year or more away, it is important that we continue to provide financial and operational security to assist developers and investors who have already committed to this space.  This increase in additional offshore capacity is the most clear and demonstrable indicator of our commitment to the market and our belief in its future.”

About GCube
GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro and tidal around the globe.

Its specialized focus and robust underwriting authority offers unparalleled property and liability insurance coverage for all construction and operational risks. With over 20 years’ experience in the renewable energy sector, GCube understands the unique exposures of these power generation projects and assists its clients in identifying, quantifying and mitigating risk efficiently and economically while helping them achieve their business objectives.

GCube is comprised of GCube Underwriting Ltd, based in London, and GCube Insurance Services, Inc.; headquartered in Newport Beach, CA with offices in New York and Minneapolis.

For further information please contact:
Tamarindo Communications
Adam Barber
E:  gcube@tamarindocomms.com
T:  +44 (0) 20 7193 6013 | 917 310 3307

The 10MW Greenough River Solar Farm, near Geraldton, Western Australia, broke ground in November 2011 and is currently undergoing construction – due to be operational in mid 2012.

Approximately ten times larger than any operating solar project in the country, the deal marks the start of what could be a period of significant clean energy investment and growth.

The Australian Government has already planned to establish a Renewable Energy Venture Capital Fund (REVCF) for the country – an initiative that now stands at A$200 million ($198M) – and foreign investors, manufacturers and developers are looking for future power purchase agreements (PPA).

As part of the Greenough River solar project and in conjunction with Aon Australia’s Renewable Energy Practice, GCube will provide marine transit, liability and construction insurance for the project.  This has enabled the project, owned by leading Western Australian electricity generator Verve Energy and GE Energy Financial Services to begin the 80-hectare build.

“Since the introduction of the Government’s Solar Flagship Program in 2009 Australian appetite for large-scale PV and thermal initiatives has begun to ramp up and there are a few significant projects on the horizon,” said Charlie Richardson, Senior Underwriter, GCube.

“This has led to a whole swathe of established, overseas investors and manufacturers taking a longer-term interest in the market and the opportunity that it offers.  However, while the Government has been keen to offer these firms access to future financial incentives, grants and support, the development of multi-megawatt projects takes patience, planning and time.”

Due for completion in mid 2012, the Greenough River Solar Farm is supported financially by the Western Australian Office of Energy and the Royalties for Regions program through the Department of Regional Development and Lands.

About GCube
GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro and tidal around the globe.

Its specialized focus and robust underwriting authority offers unparalleled property and liability insurance coverage for all construction and operational risks. With over 20 years’ experience in the renewable energy sector, GCube understands the unique exposures of these power generation projects and assists its clients in identifying, quantifying and mitigating risk efficiently and economically while helping them achieve their business objectives.

GCube is comprised of GCube Underwriting Ltd, based in London, and GCube Insurance Services, Inc.; headquartered in Newport Beach, CA with offices in New York and Minneapolis.

For further information please contact:
Tamarindo Communications
Adam Barber
E:  gcube@tamarindocomms.com
T:  +44 (0) 20 7193 6013 | 917 310 3307

Financing and Investing in Offshore Wind Panel (Jan 25^th)

January 23-26

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New York, NY

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Orlando, FL

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Kissimmee, FL

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