Tokio Marine Holdings has launched Tokio Marine GX (TMGX), a new platform designed to provide comprehensive risk solutions for businesses undergoing energy transition. The initiative comes as companies across various sectors intensify efforts to reduce carbon emissions and meet decarbonization targets.
TMGX will offer insurance and risk advisory services tailored to support organizations in the renewable energy, power utilities, construction, and industrial operations sectors. The platform aims to reduce volatility and enable capital investment in sustainable initiatives by providing deep claims experience, holistic support, and extensive risk appetite.
“TMGX clients will benefit from our extensive expertise in renewable energy and green transition, backed by the financial resources of one of the world’s largest insurers,” said Brad Irick, Managing Executive Officer and Co-Head of International at Tokio Marine Holdings. “This positions Tokio Marine at the forefront of the global energy transition.”
The new unit builds upon the capabilities of GCube, known for its renewable energy underwriting, and Tokio Marine & Nichido Fire’s offshore marine expertise. TMGX will have the capacity to underwrite up to $500 million per individual risk, making it a lead underwriter for green and transitional energy projects.
TMGX’s product offerings will include credit and surety solutions, as well as tailored policies covering renewable energy, nuclear, and hydrogen risks. These services are designed to assist clients in obtaining financing and maintaining operational resilience during their sustainability transitions.
The launch of TMGX addresses a significant challenge in the transition to a low-carbon economy, which is estimated to require $9.2 trillion in average annual investment in physical assets. Limited access to affordable and comprehensive insurance has been a key constraint, and TMGX aims to fill this gap by offering insurance capacity that helps de-risk projects and unlock investment flows.
Fraser McLachlan, current CEO of GCube, has been appointed chairman of TMGX, while Ben Kinder, Chief Underwriting Officer for Marine, Energy & Renewables at Tokio Marine HCC International, will serve as TMGX’s Chief Underwriting Officer.
“TMGX will harness collective expertise from across the Tokio Marine Group to support clients throughout their decarbonization journey,” McLachlan said. “Together, we will unlock new commercial opportunities while creating a greener, more resilient world.”
