Under US parent company Tokio Marine HCC, GCube Insurance is continuing its global expansion, saying its entrance into the Australian market “forms a key pillar.”
GCube products will now be underwritten on locally authorised paper issued by Tokio Marine & Nichido Fire Insurance Co Australia, GCube says.
This will enable it to offer its suite of products to a wider range of Australian clients and brokers, GCube says, and better cater to the needs of the Australian market.
“The faster decision-making that writing on local paper facilitates means that the company can improve its service to existing Australian clients and offer that same, high-quality service to a broader range of projects in the country,” GCube CEO Fraser McLachlan said.
GCube has been active in Australia for 15 years, but only via London. Now with its local admitted branch office, GCube says it will ramp up its regional presence, seeking to support a wider variety of insureds and build out its local customer base.
“Changing political headwinds in Australia, both at the state and federal level, are driving significant demand for renewables in the country,” it said. “As the local market grows, however, so too do the risks faced by local renewables developers, asset managers and investors, and subsequent need for coverage required to mitigate those risks.”
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