Tokio Marine HCC has agreed to snatch up GCube, a managing general agent with a focus on renewable energy risks.
The deal is expected to close in the 2020 second quarter, pending the usual regulatory approval process and other customary closing conditions. Neither side disclosed financial terms.
Tokio Marine HCC noted in its deal announcement that GCube is one of the world’s largest underwriters of renewable energy, covering wind, solar, bio, hydro, wave and tidal projects globally. The business writes global property and liability cover for renewable energy construction and operational risks in 40 countries around the world and is a significant capacity provider for the market.
GCube employs approximately 50 people and is based in London, with additional offices in Amsterdam, New York and Newport Beach, Calif.
Barry Cook, chief executive officer of Tokio Marine HCC – International Group, said in prepared remarks that the planned acquisition of GCube reinforces his company’s “commitment to the renewable energy insurance market” as well as its desire to promote sustainable resources.
As well, Cook noted that GCube adds more muscle to its existing classes of specialty insurance and continues his company’s strategy of acquiring businesses with “real market-leading expertise” that can complement Tokio Marine HCC’s portfolio and also help grow and diversify operations.
Tokio Marine HCC is a member of the Tokio Marine Group, a Japanese global insurer founded in 1879 with a market capitalization of $39 billion as of Dec. 31, 2019. Tokio Marine HCC, based in Houston, is a specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe.
Source: Tokio Marine HCC