It was today announced that global speciality insurance group, Tokio Marine HCC, has signed a purchase agreement to acquire managing general agent GCube, a leading renewable energy risks specialist. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close in the second quarter of 2020.

GCube which is one of the world’s largest underwriters of renewable energy, 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 in this expanding market. The business currently employs approximately 50 people and is based in London, with additional offices in Amsterdam, New York and Newport Beach, California.

Commenting on the news, Susan Rivera, CEO of Tokio Marine HCC said: “We are pleased to acquire this outstanding underwriting organization and welcome the passion the GCube team of market-leading renewable energy professionals brings to the development of climate-friendly business models.”

“We have worked closely with the GCube team for a number of years, and their addition to our group is a natural extension of this relationship. The renewable market offers significant opportunities for growth, and GCube’s 25 years’ experience as a global leader clearly positions Tokio Marine HCC as an important trading and innovation partner in this emerging field,” added Simon Button, chief underwriting officer of the London Market division of Tokio Marine HCC – International Group.

Meanwhile, GCube’s CEO, Fraser McLachlan, expressed his delight at becoming part of the “Tokio Marine HCC family.”

“The group’s corporate social responsibility efforts, financial strength and global reach leave us ideally positioned to continue our expansion in one of the most vibrant and evolving sectors of the market,” he said.