P&C insurer Chubb, has announced the launch of a new global climate business unit, drawing on the company’s technical capabilities in underwriting and risk engineering, and also bringing together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services.
The new business unit will provide a full spectrum of insurance products and services to businesses engaged in developing or employing new technologies and processes that help reduce the dependence on carbon.
At the same time, the new unit will also provide risk management and resiliency services to help those managing the impact of climate change.
Together these businesses have already generated more than $675 million in premium revenue for Chubb in 2022.
“After many months of thoughtful deliberation, today we are announcing an expanded commitment to support the transition toward net zero in response to rising climate challenges,” said Evan G. Greenberg, Chairman and Chief Executive Officer.
“In the coming months, expect to see additional capabilities from Chubb to support our customers across all industries as they seek to become more carbon neutral and resilient from the threat of a changing climate.”
The new business unit will be co-led by two experienced Chubb senior leaders. Matthew McMullin, based in Whitehouse Station, New Jersey, has been appointed North America Leader of the Chubb Global Climate Practice, and Matthew Hardy, based in London, has been appointed Chubb Overseas General (COG) Leader, representing all markets outside the US, Canada and Bermuda.
McMullin, who will maintain his role as Energy Industry Practice Leader for North America, joined Chubb in 2008. He held several roles with Global Casualty before joining the Commercial Insurance Energy Industry Practice in June 2021, where he was responsible for the division’s underwriting portfolio.
Hardy, former EVP, Energy, for COG, has nearly 30 years of industry experience. Since joining the company in 1996, he has served in various energy positions, including Head of Onshore and Chief Underwriting Officer, Energy, for COG.
Both McMullin and Hardy will work with Chubb’s new Global Climate Officer, Margaret Peloso, who will be joining the firm from Vinson & Elkins.
“In addition to already underwriting one-third of the Global CleanTech 100 companies, we’ve been writing renewable and alternative energy businesses for more than 20 years, keeping pace with rapidly evolving technologies over that time. The new business will see expanded appetite and additional tailored insurance products and related services to further assist the transition from hydrocarbon-based fuels to environmentally friendly and renewable natural resources,” said McMullin.
“Our local presence in 54 countries and territories allows us to be on the leading edge of new technology developments, including AgriTech in Latin America, electric vehicles in Europe and manufacturing in Asia, as each area is contributing to the global net zero goal and innovating in different ways. With a full spectrum of solutions, dedicated underwriters and risk engineers, we can scale to our customers’ needs, however complex,” added Hardy.