Chubb announced the launch of a new Global Climate Business Unit, aiming to bring 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.
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, 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 doctorate in Environment from Duke University.
“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 a statement. “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.”
“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.”