Tokio Marine launches new underwriting business

Tokio Marine has launched a new underwriting business that will provide specialist insurance and risk management propositions to firms looking to decarbonise.

Called Tokio Marine GX (TMGX), the underwriting arm will provide services for clients committed to more sustainable practices and offer up to $500m on any single risk.

Products have been designed to address risks linked to green initiatives from financial products, such as credit and surety. Bespoke policies for renewables, nuclear and hydrogen risks are also available.

Brad Irick, managing executive officer and co-head of international at Tokio Marine, said: “We are delighted to announce the launch of TMGX.

“TMGX clients will benefit from deep claims experience, holistic support and extensive risk appetite in every facet of renewable energy and the green transition.

“All of this is backed by the financial resources and capacity of one of the world’s largest insurers and an institutional commitment to accelerating societal progress. TMGX will ensure that Tokio Marine is at the forefront of the green transition.”

Appointments

Fraser McLachlan has been appointed to the new role of chairman at TMGX and Ben Kinder, chief underwriting officer (CUO) for marine, energy and renewables at Tokio Marine HCC International (TMHCCI), will take on the role of CUO at TMGX, in addition to his existing role at TMHCCI.

McLachlan said: “TMGX will harness the collective expertise and experience from across Tokio Marine to stand shoulder-to-shoulder with clients at each stage of their decarbonization journey.

“Together, we will unlock new commercial opportunities, while creating a greener, more resilient world for tomorrow.”