Chubb announces launch of global climate business unit | Insurance Business New Zealand
Chubb has announced the launch of a global climate business unit dedicated to tackling the impact of climate change and working toward the goal of a net zero future.
The new business unit will offer a full spectrum of insurance products and services to businesses that develop or employ technologies and processes to reduce carbon dependency, as well as provide risk management and resiliency services to aid those managing the effects of climate change.
Chubb said it has drawn from its technical capabilities in underwriting and risk by bringing together existing units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services. In 2022, these businesses yielded the company over $675 million in premium revenue.
Heading the new unit are two of Chubb’s senior leaders. Matthew McMullin (pictured above, left) has been tapped to be the North America leader of the Chubb global climate practice, while Matthew Hardy (pictured above, right) has been appointed the Chubb Overseas General (COG) leader, handling the market outside the US, Canada, and Bermuda.
“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,” said McMullin. “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.”
“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,” added Hardy. “With a full spectrum of solutions, dedicated underwriters and risk engineers, we can scale to our customers' needs, however complex.”
McMullin, who is currently based in New Jersey, will maintain his role as energy industry practice leader for North America alongside his new appointment. He joined Chubb in 2008 and held several roles within global casualty. In 2021, he joined the commercial insurance energy industry practice to take charge of its underwriting portfolio.
Hardy, who is based in London, was executive vice president, energy for COG. He has nearly three decades of insurance industry experience and first joined Chubb in 1996. Throughout the years, he has held various energy positions, including head of onshore and chief underwriting officer, energy, for COG.
Rounding out the team is lawyer Margaret Peloso, Chubb’s new global climate officer. She joins Chubb from Vinson & Elkins, where served as the firm's lead sustainability partner. She has a PhD in Environment from Duke University and is a board member of the Environmental Law Institute.
“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 Chubb chairman and CEO Evan G. Greenberg. “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.”