Accelerating the green transition – a spotlight on offshore wind

The green transition is reshaping the global renewables landscape faster than ever before. What started as a market dominated by wind and solar has evolved into a dynamic, multi-technology ecosystem - spanning vast global offshore wind pipelines, hybrid projects, grid integration challenges, and cutting-edge innovations like floating wind, hydrogen, and carbon capture and storage.
 
This rapid evolution brings new risks and uncertainties, driving a demand for more sophisticated insurance and risk management solutions, which was one of the main themes of my first update this year, “Navigating complexity, seizing opportunity.”
 
At GCube, we’ve spent over 25 years helping our renewables clients through every phase of the energy transition. In May, we announced the launch of Tokio Marine GX (TMGX). Founded upon GCube's decades of experience in renewable energy underwriting, Tokio Marine & Nichido Fire’s market-leading offshore marine offering, and with expertise drawn from across Tokio Marine's global operations, TMGX will provide products and services for clients committed to more sustainable practices.
 
TMGX will offer up to $500 million on any single risk and is committed to becoming a prominent lead underwriter, applying decades of knowledge to ensure profitable and sustainable capacity through the green transition.
 
As part of this transition, we were excited to recently announce key leadership appointments that will strengthen TMGX’s position as a global leader in the green transition.
 
Oliver Litterick takes the helm as Head of Renewables at TMGX. With a wealth of experience supporting developers, asset owners, and brokers at GCube, Olly will lead efforts to deepen our solutions across offshore and onshore wind, solar, and battery storage.
 
In the U.S., Michael Galea and Rosa van Reyk assume leadership roles as Head of North America (East Coast) and Head of North America (West Coast), respectively.
 
Both Rosa and Michael will be instrumental in shaping the core renewables book for TMGX’s future, in the U.S., as we evolve to meet the demands of a dynamic green transition - combining the strength of GCube’s legacy with deep expertise drawn from across Tokio Marine’s global operations.
 
This year’s Summer 2025 newsletter edition shines a special spotlight on offshore wind - a sector leading the global green transition but increasingly challenged by operational complexity and risk.
 
A key concern gaining attention is the surge in Contingent Business Interruption (CBI) claims, particularly under the unique UK Offshore Transmission Owner (OFTO) regime. In this newsletter, experts Spencer Clark, a Director at Lloyd Warwich loss adjusters, and James Mulligan, GCube underwriter, explore how export cable failures are driving costly and complex offshore wind CBI claims in the UK, which have escalated in frequency and severity over the past two years.
 
Meanwhile, floating wind farms offer exciting potential by unlocking deepwater sites with stronger winds, promising to dramatically expand offshore capacity. Yet technical challenges - such as port capacity, harsh sea conditions, and dynamic cable design - add layers of complexity to both engineering and insurance.
 
In this newsletter, our underwriting team also explores these challenges and puts forward strategies to address them, including bespoke insurance products and risk-sharing mechanisms designed to help floating wind move from early-stage uncertainty toward scalable, commercial deployment.
 
By combining GCube’s specialist offering with Tokio Marine’s broad global capabilities, TMGX is uniquely positioned to support the sector through these evolving challenges.
 
Whether navigating intricate offshore CBI claims in mature markets or underwriting innovation in floating wind, TMGX will harness the collective expertise and experience from across the Tokio Marine Group to stand shoulder-to-shoulder with clients at each stage of their decarbonisation journey.
 
Together, we will unlock new commercial opportunities, while creating a greener, more resilient world for tomorrow.