SiriusPoint’s Energy team, led by John Hopper, is pleased to be one of the six Lloyd's syndicates working with GCube Insurance, to establish a new consortium to provide battery energy storage system developers and asset owners worldwide with capacity. Find out more in the press release below. “…BESS is already proving itself to be an integral part of the global transition to renewable energy – and it is our job to ensure that it is an asset the industry can confidently rely on to meet its objectives.” Fraser McLachlan, Founder & CEO, GCube Insurance.
Today, we are proud to formally announce the launch of GCube’s new BESS consortium. Backed by six Lloyd's syndicates, this underwriter-led consortium provides BESS developers and asset owners with up to USD 100 million of ‘A’-rated insurance capacity. This represents a key milestone as GCube formalises its commitment to support the rapidly developing BESS market - and provides the sector with an experienced market leader, drawing on our 25+ years of renewable energy insurance expertise. GCube’s arrangement with capital providers in the Lloyd’s market makes ‘full follow’ capacity accessible to brokers from all of its offices in Europe, in the United States, and in Australia. Through the consortium, GCube is able to write up to 30% of any BESS project, enabling the business to take a lead role in setting sustainable terms and pricing. For more information, read the press release here: https://lnkd.in/e_MAnMhG #BESS #energystorage #renewable #energy #insurance