Tokio Marine Holdings has launched a new underwriting business called Tokio Marine GX (TMGX). This division is created to help companies shift towards low-carbon operations.
TMGX will provide specialist insurance and risk management solutions. Its focus will be on businesses investing in decarbonisation and green initiatives.
Leveraging Tokio Marine Group Expertise
TMGX builds on the renewable energy underwriting experience of GCube. It also draws on the marine underwriting capabilities of Tokio Marine Nichido Fire. Together, these strengths from the Tokio Marine Group form the foundation for TMGX’s services.
Capacity and Commitment
The new division will offer underwriting capacity of up to $500 million per risk. Tokio Marine GX aims to play a leading role in the global green transition market by supporting key industries.
Services and Sectors Covered
TMGX will provide advisory services and risk transfer products. Its clients will come from sectors such as energy, construction, and heavy industry. The division’s portfolio will include risks in renewable energy, nuclear power, and hydrogen. It will also cover financial risks like credit and guarantees.
Leadership Team
Fraser McLachlan, CEO of GCube, has been named Chairman of TMGX. Ben Kinder, Chief Underwriting Officer (CUO) of Tokio Marine HCC International’s marine, energy, and renewable energy business, will also serve as CUO of TMGX.
The Importance of Insurance in the Green Transition
Tokio Marine highlights that the global transition to low-carbon will require an average annual investment of $9.2 trillion in real assets. Insurance will play a critical role in managing risk, reducing volatility, and enabling this investment to take place.
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