8 February 2012

New sales channel for insurance solutions in the renewable energies sector

Munich Re and GCube have agreed to cooperate in the renewable energies sector. GCube is a lead-ing provider of insurance services to renewable energy initiatives.

Munich. Munich Re has entered into a cooperation with GCube, a leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro and tidal, around the world. GCube, which headquartered in London and has offices in New York and Newport Beach, California, offers policies providing construction, marine, property-casualty and liability cover, tailored specifically to renewable energies projects. All in all, GCube has already insured power plants with an aggregate output of more than 30 Gigawatt.

Munich Re will assume a fixed quota share of most GCube covers. By taking on special risks entailed in new technologies, Munich Re is going a step further to facilitate the introduction of these technologies to the market. The cooperation will focus especially on major construction projects. In the coming years, GCube and Munich Re want to collaborate on developing new insurance solutions and opening up new markets. The two companies are endeavouring to expand their collaboration further.