Tokio Marine GX (TMGX) has officially launched as a fully operational underwriting business, offering a comprehensive suite of specialist insurance and risk management solutions for companies pursuing decarbonisation and green transition projects.
The launch follows months of market engagement since TMGX was established in May.
The company’s initial product range addresses 18 areas of green transition risk, including onshore and offshore wind, solar power, hydropower, small modular nuclear reactors, battery energy storage systems, decommissioning, interconnectors, carbon capture, carbon credits, surety for green projects, credit risks, tax credits, aquaculture, green vessels, project cargo, general liability, and hydrogen.
TMGX offers up to US$500 million in capacity on any single risk and aims to serve as a lead underwriter for green projects. The company expects to expand its product offerings as market demands evolve and new technologies emerge, with particular attention to regulatory developments and state-level initiatives that may create new risks and opportunities for green project development.
As part of the launch, TMGX is leveraging Tokio Marine’s 2020 acquisition of GCube to expand its renewable energy business, introducing new leadership roles to support underwriting in key areas such as onshore wind, offshore wind, solar, and battery storage.
The division also recently expanded, with Olly Litterick (pictured above, right) named head of renewables, reporting to chief underwriting officer Ben Kinder (pictured above, left), while Rosa van Reyk and Michael Galea have been appointed as heads of North America for the West and East Coasts, respectively.
TMGX said that the response from the market has exceeded expectations, with demand coming from sectors beyond the company’s original target scope and from businesses seeking coverage for projects previously considered uninsurable or requiring more costly financing.
The leadership team’s responsibilities include expanding capacity for clients and building on GCube’s renewable energy underwriting capabilities, as well as Tokio Marine’s global network.
Kinder said the company is responding to strong market demand and the need for specialised risk solutions that enable financial institutions to support sustainable initiatives.
“TMGX bridges a critical gap in the market by providing specialised risk solutions that enable financial institutions to confidently support sustainable initiatives. The business potential in the transition is vast and our goal is to be the leading insurer and risk adviser for green initiatives globally offering an unparalleled suite of products that drives progress,” Kinder said.
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