GCube Increases Capacity to $680 Million for Wind and Solar Projects
22 August 2010, London & New York – GCube, the leading provider of insurance services for renewable energy initiatives, has increased its underwriting capacity to USD 680,000,000 for wind energy and solar projects worldwide. Despite a contracting insurance market, the additional capacity was raised separately from existing Lloyd’s underwriting capital providers.
With the size, scale and ambition of wind and solar farms on the increase, associated costs have matched this pace and have continued to rise. As such, there has been a marked demand for insurance policies and solutions that can provide renewable project owners and operators with level of cover that continues to meet and indeed, exceed this demand.
“While there is still the opportunity to raise further capacity, by pausing at this point, we are able to ensure the best return on capital for our new providers,” says GCube Chief Executive Officer, Fraser McLachlan.
“With such a commitment from the market, our reputation and integrity as the leading underwriter in renewable energy insurance has yet again been reaffirmed,” he added.
“We provide an insurance solution that is the most comprehensive and intelligently priced option in the sector; positioning GCube as a stable and reliable market participant,” said John McLane, GCube President.
“Continuity of capacity, terms and conditions have consistently remained desirable characteristics in an insurance offering. We have a long term vision at GCube, and avoid the ‘in and out’ strategies demonstrated by our competitors over the years.” adds McLane.
GCube has underwriters with binding authority in the US, and additional underwriting support in London for renewable energy projects around the world. With a team of over 50 renewable energy insurance professionals and outsourced engineering, blade and gearbox repair services, GCube offers a package of risk transfer, risk control and risk mitigation services that is more comprehensive than any other insurer in the market.
“Our goal is to provide renewable energy owners and operators, and their insurance brokers, with the tools to more effectively manage the risks they want to retain and transfer those risks they do not want,” says John McLane, GCube President.
“As these owners mature and improve their operating experience, we anticipate more sophisticated buyers will look for ways to aggressively manage their risks,” he added.
In an additional recent development, GCube has launched a specialized workers compensation insurance service, for the wind and solar industry. The service addresses the increasingly complex challenge of providing employees with effective, practical operational protection.
GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro and tidal around the globe.
Its specialised 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.
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