GCube expands global presence in renewable energy

London, UK, April 11th – GCube Insurance (GCube), a leading underwriter for renewable energy projects, has further expanded its global presence by opening new offices in Spain and Australia. In addition, five new appointments have been made to the underwriting and claims teams in Europe and North America.

The renewable energy market is witnessing rapid growth, and significant investment is pouring into projects across key territories, including Europe, Australia, Asia Pacific (APAC), and the Americas. As renewable energy developments increase in pace globally, so too does the need for specialist underwriting services that cater to the diverse and evolving risks of new markets and technologies.

GCube’s global expansion under parent company Tokio Marine HCC (TMHCC), located in Houston, Texas, aims to increase its presence in key markets across the globe – part of GCube’s long-term commitment to offer unparalleled marine, property, and liability coverage for all renewable energy risks.

In Australia, GCube now has a presence in Tokio Marine’s Sydney office to better serve Australia and the APAC region. William Hiller, with over a decade’s worth of underwriting experience in power generation and renewable energy, will lead the Sydney operation.

Renewable energy investment has increased in Australia over recent years, as the country shifts its energy generation mix away from traditional fossil fuels. Australia’s unique environment, varying climatic regions, and increasingly severe Nat Cat events mean Australia’s renewables market poses unique risks for developers, asset managers and investors. The Sydney office will provide a base from which GCube can provide enhanced local support to existing clients and broaden its network across Australia and the APAC region.

In Spain, GCube’s new Madrid office begins serving the Spanish and Latin American markets. Sergio Guisado Mateo, Senior Underwriter, will lead the Madrid operation. Sergio will be joined by Underwriting Assistant Maria Medina, who moves over from TMHCC’s operations in Barcelona.

International investors have flocked to Spain’s renewables market in recent years, with favourable green policies and domestic power market helping spark overseas interest. From the Madrid office, GCube is well-placed to support renewable asset owners both in Spain and across the Latin America markets.

In the USA, Rosa Van Reyk and Michael Galea move into Senior Underwriter positions, alongside Senior Underwriter Landis Knorr – strengthening the largest and most experienced renewables underwriting team in North America. Kristina Williams also steps up into the role of North American Claims Manager, following 15+ years’ worth of complex claims and management experience.

In the UK, Josh Cantwell has been appointed Head of Offshore Wind, and Josh Shimali has been promoted to Senior Underwriter – after significant success for GCube’s UK on- and offshore teams throughout 2021.

Together, these new appointees bring with them six decades of complex underwriting and claims handling in the global renewable energy market.  Their promotions within the team consolidate GCube’s leading position in the sector and set the scene for further company growth with new strategic hires in the pipeline.

Fraser McLachlan, CEO, GCube Insurance, said: “Today’s announcement reflects GCube’s commitment to continually meeting the demand of the renewables market for specialist risk management expertise and robust underwriting practices. The fact that GCube continues to hold a leading position in the market after 25+ years of operations demonstrates the time we spend on understanding the ever-evolving, unique exposures and risks of developing and operating renewable energy projects.”

“Bringing new senior talent into the company and putting boots on the ground in Spain and Australia is helping us consolidate our position globally, will bring a more diversified risk portfolio to the book, and build our knowledge of growing markets and country-specific risks. These new additions and promotions allow us to now build the business to an even greater mass with new recruitment on the underwriting and claims side to ensure our clients continue to experience the service they deserve across all lines of our business.”