Tokio Marine unveils TMGX with $500m risk capacity

It aims to support companies transitioning to low-carbon operations.

Tokio Marine Holdings has launched Tokio Marine GX (TMGX), a new underwriting business aimed at supporting companies transitioning to low-carbon operations.

The unit will offer specialist insurance and risk management solutions to businesses investing in decarbonisation and green initiatives.

Built on the renewable energy underwriting experience of GCube and Tokio Marine & Nichido Fire’s offshore marine capabilities,

TMGX will leverage expertise from across the Tokio Marine Group. 

The unit will provide up to $500m in capacity per risk and aims to take a lead underwriting role in the global green transition market.

TMGX will offer advisory services and risk transfer products to clients across sectors such as energy, construction, and heavy industry. 

Its portfolio will include coverage for renewable energy, nuclear, and hydrogen risks, as well as financial lines such as credit and surety.

Fraser McLachlan, CEO of GCube, has been appointed Chairman of TMGX, whilst Ben Kinder, CUO for Marine, Energy & Renewables at Tokio Marine HCC International, will also serve as CUO for TMGX.

According to the company, the transition will require $9.2t in annual average spending on physical assets, with insurance playing a critical role in reducing volatility and enabling investment.