Liberty Mutual Insurance has announced the appointment of Francis Hyatt to the newly created role of chief sustainability officer. Hyatt will lead the company’s Office of Sustainability and focus on environmental, social and governance (ESG) issues.
The company has also announced a new policy on coal underwriting and investing. Under the new policy, Liberty Mutual will no longer accept underwriting risk for companies where more than 25% of their exposure arises from the extraction or production of energy from thermal coal. Liberty Mutual will also no longer make new investments in debt or equity securities of companies that generate more than 25% of revenues from thermal coal mining or utility companies that generate more than 25% of their electricity production from thermal coal. The company will phase out coverage and investments for existing risks that exceed that threshold by 2023.
“We are committed to being a responsible global corporate citizen with a focus on environmental sustainability, supporting the transition to a low-carbon economy and investing in companies that show proven progress in this evolution,” Hyatt said. “We understand the shift from coal to clean energy is a journey, and we recognize the role the insurance industry plays in supporting that evolution for our customers. Now more than ever, it’s crucial that companies take an active role in advancing their ESG agendas, and I look forward to partnering with internal and external stakeholders around the world to help drive positive impact in society.”
Hyatt has held a variety of leadership roles during his 28-year career at Liberty Mutual. Most recently, he served as executive vice president of enterprise talent practices. In that role, he was responsible for the selection, development, training and retention of talent across the company.