Insurer agrees deal with underwriter GCube
Lancashire has established a co-venture with GCube, an underwriting agency in the renewable energy market.
The UK and Bermuda-based insurer has agreed to offer excess catastrophe cover on renewable energy risks brought to it by GCube.
Richard Brindle, Lancashire's group chief executive said: “By expanding our portfolio into renewable energy, we are diversifying into a new area that fits our existing business strategy of writing short-tail specialty property risks. At the same time, the Lancashire Group has a commitment to supporting projects that reduce carbon emissions.
"With governments around the world announcing increasingly ambitious targets for providing energy from renewable sources, the business in this sector can only grow over the coming years. GCube, by operating only in the renewable energy sector, provides a level of expertise that others find hard to match. This makes them an excellent partner for us.”
Fraser McLachlan, chief executive of GCube, added: “By partnering with Lancashire, we have been able to join up with a specialised and knowledgeable insurer to bring much needed extra capacity to support the renewable energy industry. We look forward to working with Lancashire on this exciting new opportunity and in other areas of our business.”