Tokio Marine GX (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
London: Tokio Marine Holdings, Inc. today announced the launch of Tokio Marine GX (TMGX), a new underwriting business dedicated to providing specialist insurance and risk management solutions to businesses looking to decarbonize their operations and unlock new green opportunities.
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.
Fraser McLachlan, CEO of GCube, has been appointed to the new role of Chairman at TMGX and Ben Kinder, Chief Underwriting Officer (CUO) for Marine, Energy & Renewables at Tokio Marine HCC International (TMHCCI), will take on the role of CUO at TMGX, in addition to his existing role at TMHCCI.
Tokio Marine GX, an abbreviation of Green Transformation and an acknowledgment of Japan’s green transformation strategy, is Tokio Marine Group’s response to the growing demand for insurance that is critical to transitioning to a more decarbonized, sustainable society.
TMGX will offer advisory and risk transfer for businesses, across multiple sectors, seeking to decarbonize their operations. From renewable energy and conventional power providers, to construction and industry, its teams will work with businesses around the world, at every stage of their transition journey.
TMGX’s insurance products and risk solution services will equip businesses, innovators, entrepreneurs and investors, private and public, with the support they need to secure funding, and build and operate their sustainable initiatives. The business 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.
Decarbonization and the green transition is an immense undertaking, and one which is poised to spark the greatest capital reallocation in a century, requiring $9.2 trillion in annual average spending on physical assets.
The lack of cost-effective globally available cover has been a barrier to progress. TMGX will reduce the volatility and embed the certainty which this market needs to flourish.
Brad Irick, Managing Executive Officer and Co-Head of International – Tokio Marine Holdings, said,“This is a unique insurance proposition. It offers access to the pioneering underwriting spirit of GCube, combined with expertise drawn from across Tokio Marine’s global operations.
TMGX clients will benefit from deep claims experience, holistic support and extensive risk appetite in every facet of renewable energy and the green transition. All of this is backed by the financial resources and capacity of one of the world’s largest insurers and an institutional commitment to accelerating societal progress. TMGX will ensure that Tokio Marine is at the forefront of the green transition.”
Fraser McLachlan, chairman of TMGX, said: “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 decarbonization journey. Together, we will unlock new commercial opportunities, while creating a greener, more resilient world for tomorrow.”