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.