Tokio Marine Holdings has established a new unit focused on underwriting insurance for businesses engaged in green transformation.  

The new business, dubbed Tokio Marine GX (TMGX), aims to provide specialist insurance and risk management solutions to facilitate the decarbonisation of business operations and capitalise on emerging green opportunities. 

TMGX is built upon the expertise of GCube in renewable energy underwriting, Tokio Marine & Nichido Fire’s offshore marine insurance and the knowledge of Tokio Marine’s worldwide operations. 

It will serve clients pursuing sustainable business practices, offering up to $500m for any single risk. 

Fraser McLachlan, formerly the CEO of GCube, has been appointed as chairman of TMGX.  

Ben Kinder, the chief underwriting officer for marine, energy & renewables at Tokio Marine HCC International, will serve as the chief underwriting officer of TMGX, in addition to his current role. 

McLachlan said: “TMGX will harness the collective expertise and experience from across the Tokio Marine Group to stand shoulder-to-shoulder with clients at each stage of their decarbonisation journey.” 

TMGX will offer advisory services and risk transfer options to businesses in renewable energy, conventional power, construction and industry. 

It will provide products and services tailored to the risks of green initiatives, ranging from financial products such as credit and surety to customised policies for renewables, nuclear and hydrogen-related risks. 

Tokio Marine Holdings International co-head and managing executive officer Brad Irick said: “TMGX clients will benefit from deep claims experience, holistic support and extensive risk appetite in every facet of renewable energy and the green transition. All of this is backed by the financial resources and capacity of one of the world’s largest insurers and an institutional commitment to accelerating societal progress. TMGX will ensure that Tokio Marine is at the forefront of the green transition.” 

Earlier this month, Tokio Marine HCC International appointed Thibaud Hervy as its new CEO, pending regulatory consent.