Introducing Tokio Marine GX (TMGX)

Dear all,

I'm writing to you all - as valued clients, brokers and trusted partners of GCube Insurance; to share some exciting news about the future direction of our business. 

Together with our parent, Tokio Marine Group, today we officially announce the launch of Tokio Marine GX (TMGX) - a new underwriting business dedicated to providing specialist insurance and risk management solutions to firms looking to decarbonize their operations and unlock new green opportunities.  

This new business will be directly founded on GCube’s decades of experience underwriting renewable energy projects, combined with Tokio Marine & Nichido’s market leading offshore marine offering, and expertise drawn from across Tokio Marine's global operations. TMGX will provide a single point of access for partners and clients committed to more sustainable practices.

TMGX will offer up to $500m 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. 

TMGX’s products and capacity are available immediately via GCube and other Tokio Marine Group companies around the world, and will be available via Tokio Marine GX from 1 September. 

You can read the full press release here. 

Why are we taking this step? 

As renewables projects increase in scale, complexity and value, the market needs the backing of educated insurers that combine serious capacity with Knowledge, Experience and Integrity. We talk about these three ‘pillars’ a lot, but they truly have set GCube apart over the past 25+ years as a specialist underwriter in an increasingly crowded insurance market. 

At the same time, we all recognise that renewables are just one aspect of a much bigger global green transition – one that is facing significant uncertainty and needs stable long-term insurance support. 

We started out in onshore wind and solar, and along the way have supported numerous technologies like offshore wind and BESS in their journey to widespread deployment. Now, with the substantial backing of Tokio Marine Group, it’s time to step up and offer that same, unique support to the wider array of technologies and initiatives driving the green transition.  

In doing so, we aim to help our clients manage risks and capitalise on significant emerging opportunities, both in and outside of energy. 

What does this mean for GCube? 

September 1st marks a critical moment in GCube’s journey. From that moment onwards, we will not only significantly enhance our role as a true leader in renewable energy, but also become a one-stop-shop for businesses across many sectors looking to reduce the environmental impact of their operations. 

Reflecting the broader commitment we are making to the green transition, we will proudly rebrand, operating from September onwards as Tokio Marine GX (TMGX).  

This transition will bring exciting changes to the way in which we operate and a variety of new opportunities. But it will also be a story of measured evolution and growth. We are committed to preserving the deep understanding of the sectors in which we operate, and the core values that have enabled us to deliver a sustainable insurance offering in a volatile market. 

While job titles will change, the core TMGX team is fundamentally the same group of talented underwriters and claims professionals that GCube’s clients, brokers and partners know and trust.  

I am delighted to be stepping up into the new, more corporate, role of Chairman of TMGX, where I will be responsible for driving strategy and growth. Ben Kinder, Chief Underwriting Officer (CUO) for Marine, Energy & Renewables at Tokio Marine HCC International will take on the role of CUO at TMGX, in addition to his existing role at TMHCCI. Oliver Litterick will be stepping into the role of Head of Renewables, leading our core renewables business globally. 

Stay tuned for further team updates in the coming weeks and months. 

What’s in it for you? 

Those of you who were in attendance at GCube’s Renewable Energy Risk Seminar in Rome last month saw a sneak preview of some of the new product lines and sectors that TMGX will be able to offer now and in the future.  

Our objective is to offer risk transfer for businesses, across multiple sectors, seeking to decarbonize their operations, from renewable energy and conventional power providers to construction and industry. TMGX’s insurance products and risk solutions services will equip businesses, innovators, entrepreneurs and investors, private and public, with the support they need to secure funding, build, and operate their sustainable initiatives.  

In practice, that means we will offer a range of products and services to address risks linked to green initiatives, from financial products such as credit and surety to bespoke policies for renewables, nuclear and hydrogen risks.   

What’s next? 

As we build out this offering over the coming weeks, months and years, we will be collaborating closely with our existing base of insureds and brokers to ensure that your voice is heard and feeds directly into product innovation.   

If you have not yet taken a moment to complete our customer survey, we strongly encourage you to do so. Together, we can build on what the insurance market has achieved to date in renewables and apply the same ingenuity and innovation to the wider green transition.    

In the run up to the full launch of TMGX on September 1st – and beyond - we will remain at your disposal for any questions you may have. We may not have all of the answers yet, but it’s vital to us to talk openly around this new initiative – so that, collectively, we can take advantage of the huge opportunities that TMGX will bring. 

All the best, 

Fraser McLachlan 
Chairman, Tokio Marine GX