GCube hires former AIG official for renewables underwriting

Weather risk insurance is one type of product the firm intends to roll out as Geoff Miller takes the helm in New York.

GCube Insurance Services has hired former AIG official Geoff Miller to serve as a senior vice-president and lead its New York office.

The renewables asset insurance provider hired Miller to spearhead its renewable energy underwriting business. He previously worked at AIG in the global marine and global energy property divisions. Miller has over 20 years of experience in the US and Canada.

“The United States remains our largest single market for underwriting renewable energy,” Fraser McLachlan, chief executive of GCube, said in a statement. “Its installed base of projects continues to break new ground, particularly with utility scale solar PV projects and a number of pioneering offshore wind sites in the pipeline.”

GCube cited tax credits and decreasing installation costs as reasons why it “anticipates a substantial increase” in the number of opportunities to insure projects on the East Coast in the near future.

One product GCube intends to roll out is its weather risk transfer mechanism, which uses on-site weather data to estimate the financial impact of underperforming wind assets and provides proportional payments to the project's owner. According to GCube, this risk transfer ensures steady returns and reliable revenues.

GCube has already underwritten 85GW of renewable assets in the US, working from offices based in New York, Minnesota and California.