A new Global Climate Business Unit has been established by the world’s largest publicly traded property & casualty insurance company, Chubb, to bring together its units involved in risk engineering, agriculture, alternative and renewable energy, traditional energy, and climate technology.
Disclosing this in a statement, the chairman and chief executive officer of Chubb, Evan G. Greenberg said, “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.”
“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,” he added.
The new business unit will offer a wide range of insurance products and services to companies involved in creating or utilizing novel technologies and procedures that lessen reliance on carbon.
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Additionally, it will offer risk management and resilience services to support those coping with the effects of climate change. Chubb will receive more than $675 million in premium revenue from these businesses combined in 2022.
The new Global Climate Business Unit will be co-led by two experienced Chubb senior leaders. Matthew McMullin, based in Whitehouse Station, N.J., 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.
McMullin joined Chubb in 2008 and will continue to oversee the Energy Industry Practice for North America. Before joining the Commercial Insurance Energy Industry Practice in June 2021, where he was in charge of the division’s underwriting portfolio, he held several positions with Global Casualty.
Hardy has almost 30 years of experience in the insurance sector and was recently COG’s executive vice president for Energy. He has held several energy jobs since joining the company in 1996, including COG’s chief underwriting officer for energy and head of Onshore.
Story was adapted from Insurance Journal.
