GCube, the leading provider of insurance services for the renewable energy industry, has increased its underwriting line size by an additional $50 Million for offshore renewable energy projects, bringing the total available capacity for a single project to $100 Million.
With significant growth in the offshore renewable energy sector, particularly in Europe and potentially the US and South East Asia in the near future, there is a market need for insurance capacity that supports the increasing size and global proliferation of offshore wind developments.
Having a long and highly regarded reputation in underwriting renewable energy risks, GCube has secured the additional financial sector support despite a difficult market — once again highlighting the confidence in the business from its capital providers.
“While more expensive than its onshore counterpart, offshore wind is politically beneficial and offers the potential for a much larger market,” said Fraser McLachlan, Chief Executive Officer, GCube. “Part of its substantial cost base is due to the technical challenges of installation and maintenance. Working directly with new capital, we are now able to offer underwriting capacity that will support the most ambitious offshore developments worldwide.”
John McLane, President, GCube Insurance Services, Inc. added, “With the development of North American offshore wind energy still a year or more away, it is important that we continue to provide financial and operational security to assist developers and investors who have already committed to this space. This increase in additional offshore capacity is the most clear and demonstrable indicator of our commitment to the market and our belief in its future.”
GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro and tidal around the globe.
Its specialized focus and robust underwriting authority offers unparalleled property and liability insurance coverage for all construction and operational risks. With over 20 years’ experience in the renewable energy sector, GCube understands the unique exposures of these power generation projects and assists its clients in identifying, quantifying and mitigating risk efficiently and economically while helping them achieve their business objectives.
GCube is comprised of GCube Underwriting Ltd, based in London, and GCube Insurance Services, Inc.; headquartered in Newport Beach, CA with offices in New York and Minneapolis.
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Offshore WIND staff, January 25, 2012