Chubb Announces Global Climate Business Unit to Help Combat and Manage Climate Change
A company-wide effort to "support progress towards resiliency and net zero" – Chubb Chairman and CEO Greenberg
Chubb leaders appointed co-heads of new business
ZURICH, Jan. 4, 2023 /PRNewswire/ -- Chubb (NYSE: CB) announced today the launch of a new global climate business unit, drawing on the company's extensive technical capabilities in underwriting and risk engineering and 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. It will also provide risk management and resiliency services to help those managing the impact of climate change. Together these businesses 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 Global Climate Business Unit will be co-led by two experienced Chubb senior leaders. Matthew McMullin, based in Whitehouse Station, New Jersey, has been named North America Leader of the Chubb Global Climate Practice. Matthew Hardy, based in London, has been named Chubb Overseas General (COG) Leader, representing all markets outside the U.S., 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 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, formerly Executive Vice President, Energy, for COG, has nearly 30 years of experience in the insurance industry. Since joining the company in 1996, he has held various energy positions, including Head of Onshore and Chief Underwriting Officer, Energy, for COG.
McMullin and Hardy will work with Chubb's new Global Climate Officer, Margaret Peloso, who will be joining Chubb from Vinson & Elkins where she practiced law and served as the firm's Lead Sustainability Partner and is a board member of the Environmental Law Institute. Peloso holds a PhD in Environment from Duke University.
You can learn more about Chubb's new Global Climate Business at www.chubb.com/climate.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com
Forward-looking statements made in this press release, such as statements regarding Chubb's product and service offerings, risk management, including climate-related risks and opportunities, commitments, and Chubb's expectations and intentions and other statements that are not historical facts, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in Chubb's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.
Note to Editors:
Bios and photos of Matthew McMullin and Mathew Hardy are available upon request.
SOURCE Chubb Limited
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