Energy

GCube specialises in marine, property, liability and political risk cover for the renewable energy market.

The MGA was unable to secure capacity for the three classes for 2020.

It will no longer underwrite or invest in risks where more than 25 percent of exposure arises from thermal coal extraction or energy production.

Underwriters expect to book increases of 2.5 percent as capacity still abounds in the sector.

Amid challenging conditions, the carrier said it did not see a long-term future in the class.

The broker will initially focus on Asia, Europe and the US.

At this week’s UN climate change meeting in Madrid delegate countries will discuss how to meet their Paris Agreement commitments. Next year they will be required to stump up specific plans at a crunch summit in Glasgow.

The insurer will also double green investments over the next four years.

The start-up aims to grow to £25mn revenue within five years.

Existing Mena business will be handled in Zurich, with new and renewal business for the region relocating to London.

London head of P&C and construction Garret Gaughan said there will be more hires to come in the new year.

The senior underwriter said uncertainty over state tax breaks had contributed to an uptick in claims.