"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."
- Matthew McMullin, Chubb’s North America leader for global climate practice
Chubb’s latest climate change initiative draws on the company’s extensive technical capacities in underwriting and risk engineering, bringing together existing units engaged in traditional, alternative, and renewable energy, climate tech, agribusiness, and risk engineering services.
As well as providing various insurance products and services for businesses developing or employing new technologies and processes to help reduce carbon dependency, this unit will also provide risk management and resiliency services to these businesses that have already generated more than $675m in premium revenue for Chubb in 2022.
Evan G. Greenburg, Chubb chairman and chief executive officer, said that the decision to expand the company’s commitment came after “many months of thoughtful deliberation” 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,” continued Greenburg.
Supporting Chubb’s expanded climate commitment, Matthew McMullin has been named North America leader of the Chubb global climate practice and Matthew Hardy has been hired as Chubb overseas general leader, representing all markets outside the US, Canada, and Bermuda.
In addition, Margret Peloso will be joining the team as Chubb’s new global climate officer. Peloso previously worked for Vinson & Elkins where she practiced law and served as the firm’s lead sustainability partner. She is also a board member of the Environmental Law Institute and holds a PhD in Environment from Duke University.
Commenting on these appointments, Matthew McMullin, Chubb’s North America leader for global climate practice, has said:
"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.
"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."
Matthew Hardy, Chubb’s overseas general leader, added:
"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.
"With a full spectrum of solutions, dedicated underwriters, and risk engineers, we can scale to our customers' needs, however complex."
