SOURCE: GCube Insurance Services, Inc.

GCube Insurance Services, Inc.

September 06, 2012 07:00 ET

GCube Secures $175M Biomass & Geothermal Capacity

Leading Renewable Energy Underwriter Increases Underwriting Capacity to Diversify Risk Portfolio

NEW YORK, NY--(Marketwire - Sep 6, 2012) - GCube, the leading provider of insurance for the renewable energy industry, has secured $175 million in additional construction underwriting capacity to assist the development and evolution of the international biomass and geothermal energy markets. 

The new capacity marks a major milestone for the insurance market's appetite to have a dedicated approach for these key sectors and helps to safeguard future energy project development and innovation.

As biomass energy continues to expand, most notably in North America, the equipment and technology has become increasingly more sophisticated and advanced. As a result, there has been an increased desire for insurance services to provide greater financial security to construct new facilities and overcome future commercial barriers to growth.

The GCube underwriting capacity agreement marks the first significant investment in resources and capacity made by an insurer in the biomass and geothermal sectors of renewable energy. It also reflects the increased ambitions of key biomass developers now operating in the North American market. 

"Emerging energy markets will always present numerous technical and economic risks, and the geothermal and biomass markets are no exception," said John McLane, President GCube Insurance Services, Inc. "These sectors present risk profiles very different than other renewable technologies and traditional power generation."

"As new and existing clients begin to expand their existing energy portfolios and look for growth, it's imperative that we not only support these initiatives but work closely with them to offer advice and assistance along the way." 

"With the additional capacity in place, we've underwritten some new projects and are currently in advanced talks with a number of key participants who have become increasingly active in this space. With international developers and investors keen to capitalize on national government incentives, we expect significant growth within these markets throughout 2013."

About GCube
GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, biomass, geothermal, wave, hydro and tidal around the globe. 

Its specialized focus and robust underwriting authority offers unparalleled property and liability insurance coverage for all construction and operational risks. With over 25 years' experience in the renewable energy sector, GCube understands the unique exposures of these power generation projects and assists its clients in identifying, quantifying and mitigating risk efficiently and economically while helping them achieve their business objectives. 

To learn more about how we can support your insurance coverage requirements, please visit our website at www.gcube-insurance.com.

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