GCube Insurance

How vulnerable is #wind industry infrastructure to physical and cyber-attacks, and is the risk increasing? Our Senior Underwriter Andries Veldstra joined a Windpower Monthly podcast to discuss how infrastructure owners can protect themselves from the risk of attack and what precautions are expected of them. Listen to the episode at the link below! https://lnkd.in/eEfMGbgi

"To stow or not to stow - that is the question." Perhaps a quote from 'The Tempest' would have been more fitting as our North America Claims Manager, Darren Askari, discusses how hail and high winds from Severe Convective Storms (SCS) are leading to complex compound risks for solar projects. The 2024 hail season has already brought a significant uptick in major $10-50million losses to US solar projects - and, with them, increased urgency to find practical risk mitigation solutions. Darren assesses some of the options available to asset owners, drawing on our 2023 Hail No! report. Read Darren's interview here: https://lnkd.in/g3BxNFah #US #solar #hail #extreme #weather #renewable #energy #insurance

"This particular race isn't just about pace - it's also about endurance." In his latest market update, our CEO Fraser McLachlan shares his perspective on how a focus on speed at the expense of sustainability may be hampering the renewable energy sector in its race to meet targets. He reflects on hard lessons that continue to be learned in managing Nat Cat exposure, and the measured approach GCube has taken in developing a sustainable insurance offering for the fast-growing energy storage market - with the launch of GCube's BESS consortium announced earlier this week. Read Fraser's update - and our July newsletter - here: https://lnkd.in/eJBi5ygi #renewable #energy #insurance #sustainability #NatCat #BESS

Today, we are proud to formally announce the launch of GCube’s new BESS consortium. Backed by six Lloyd's syndicates, this underwriter-led consortium provides BESS developers and asset owners with up to USD 100 million of ‘A’-rated insurance capacity. This represents a key milestone as GCube formalises its commitment to support the rapidly developing BESS market - and provides the sector with an experienced market leader, drawing on our 25 years of renewable energy insurance expertise. GCube’s arrangement with capital providers in the Lloyd’s market makes ‘full follow’ capacity accessible to brokers from all of its offices in Europe, in the United States, and in Australia. Through the consortium, GCube is able to write up to 30% of any BESS project, enabling the business to take a lead role in setting sustainable terms and pricing. For more information, read the press release here: https://lnkd.in/e_MAnMhG #BESS #energystorage #renewable #energy #insurance

Saúde! We’re delighted to share the highlights reel from our annual Risk Seminar in Porto earlier this month. Thank you to all who participated in making the event such a success. This annual event continues to stand as an important platform for industry leaders to share insights into building a sustainable insurance market. Ahead of the next global construction boom for renewable energy, we're starting to see a wave of new construction risks. At this year’s event, we held the spotlight on the emerging BESS market and floating wind technology, and gave attendees a sneak preview of our new construction claims report - watch this space! #insurance #riskseminar #renewableenergy 

Day Two of GCube’s European Risk Seminar 2024 in Portugal maintained the same enthusiastic spirit as the first! - Pauline Laporte Weywada of K2 Management kicked off the day by providing an overview of the challenges and opportunities in floating wind, outlining how “we’ve seen a tremendous increase in floating wind activity over the last few years, but there is still a lot to define in the supply chain". - GCube’s Phil Pavey then presented his insight from the last 5 years of cargo claims, discussing the ongoing impacts of supply chain challenges in Europe and potential impacts of trade sanctions. - Rob Jarvis provided an in-depth outlook on where next for insurance and the energy transition and described his role in Tokio Marine Kiln’s innovation lab developing innovative insurance products: “I have the best job in the world!” - Finally, our fireside chat speakers, Josh Shimali and Paul Nicholls from GCube, and Steven Horne from CCi, A Rimkus Company, were asked about their level of optimism going into the next renewables construction boom: “I’m not a pessimist, I’m an optimist… with experience”, said Josh. Josh and Paul also gave a sneak peek of GCube’s forthcoming construction claims report, “Arrested Development”, which will be published over the next few weeks – watch this space! We conclude this afternoon with Port Wine tasting, fitting given the beautiful location of the Seminar in Porto this year! 🇵🇹 🍷 Many thanks again to our speakers and Seminar members who make this unique event possible. #renewables #energy #insurance

We've just wrapped up Day One of GCube’s European Risk Seminar 2024 in Porto, Portugal! This latest edition of our annual event for leaders in European renewable energy insurance showcases the programme's ongoing evolution, serving as a robust forum for open dialogue about the market's current state. It’s always hard to summarise all of the important conversations taking place throughout the day, but here is a flavour of some of the key talking points: - Our CEO Fraser McLachlan kicked off proceedings with a high-level overview of the state of play in the renewables insurance market, highlighting that “we’ve got to work collectively and collaboratively together to get away from the boom and bust cycle that we’ve all got used to”. - Jose Espinosa of Fotowatio Renewable Ventures (FRV) discussed FRV’s progress in diversifying its portfolio and how “risk managers are here to accelerate business and improve competitive advantage in the right way”. - The ‘Batteries Not Excluded: Getting Comfortable with BESS’ panel included presentations from Tom Harries from NARDAC, Roberto Jimenez from BW ESS, and GCube’s Oliver Litterick who examined the challenges of ensuring a viable insurance proposition for BESS. “Two main challenges we face: lack of data and lack of standardisation”, said Oliver. “We’re seeing new products every 3 years, and people assume batteries aren’t changing”, said Tom. - And finally, Roy Muñoz and Chris Bender led our fireside chat, ‘Better Call Roy’, which dissected some of the most unique and challenging global claims experienced over the past 12 months, including a unique insight on liability for lost production over dusty fruit…. "Are you Papaya-ing my claim!?” Many thanks to all of our speakers. We’re already looking forward to Day Two! #renewable #energy #insurance

Landis Knorr, GCube Insurance Senior Underwriter, will be attending Wood Mackenzie’s 17th Solar & Energy Storage Summit 2024 in San Francisco next week.   Encompassing innovation in cell and battery technology, and evolving solar and storage business models in the ever-changing energy landscape, please reach out to Landis at [email protected] if you’d like to schedule a meeting. 

GCube Insurance is looking to grow our dynamic team. Seeking a renewable energy underwriter, based out of New York City NY, Santa Ana CA and/or Houston TX. For full description of this opportunity, please visit https://lnkd.in/gYUCCgur. 

Meet the GCube team in Vancouver between the 15th - 17th of July at Vancouver Marriott Pinnacle Downtown Hotel, 1128 West Hastings. If you’re there early, why not also join us at our happy hour on Sunday 14th! To book a meeting, please contact Linda McCavera at: [email protected]