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 is headquartered in London, offers policies providing construction, marine, property-casualty and liability cover, tailored specifically to renewable energies projects. 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, the insurance giant said it was going a step further to facilitate the introduction of the 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 looking to expand their collaboration further.
