Tokio Marine Holdings has established a brand new unit centered on underwriting insurance coverage for companies engaged in inexperienced transformation.
The brand new enterprise, dubbed Tokio Marine GX (TMGX), goals to supply specialist insurance coverage and danger administration options to facilitate the decarbonisation of enterprise operations and capitalise on rising inexperienced alternatives.
TMGX is constructed upon the experience of GCube in renewable vitality underwriting, Tokio Marine & Nichido Hearth’s offshore marine insurance coverage and the data of Tokio Marine’s worldwide operations.
It is going to serve purchasers pursuing sustainable enterprise practices, providing as much as $500m for any single danger.
Fraser McLachlan, previously the CEO of GCube, has been appointed as chairman of TMGX.
Ben Kinder, the chief underwriting officer for marine, vitality & renewables at Tokio Marine HCC Worldwide, will function the chief underwriting officer of TMGX, along with his present function.
McLachlan stated: “TMGX will harness the collective experience and expertise from throughout the Tokio Marine Group to face shoulder-to-shoulder with purchasers at every stage of their decarbonisation journey.”
TMGX will supply advisory companies and danger switch choices to companies in renewable vitality, typical energy, building and trade.
It is going to present services tailor-made to the dangers of inexperienced initiatives, starting from monetary merchandise similar to credit score and surety to customised insurance policies for renewables, nuclear and hydrogen-related dangers.
Tokio Marine Holdings Worldwide co-head and managing government officer Brad Irick stated: “TMGX purchasers will profit from deep claims expertise, holistic help and in depth danger urge for food in each side of renewable vitality and the inexperienced transition. All of that is backed by the monetary assets and capability of one of many world’s largest insurers and an institutional dedication to accelerating societal progress. TMGX will be sure that Tokio Marine is on the forefront of the inexperienced transition.”
Earlier this month, Tokio Marine HCC Worldwide appointed Thibaud Hervy as its new CEO, pending regulatory consent.
