Chubb launches dedicated climate transition unit

Chubb has launched a global climate business unit, bringing together its units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services.

The business unit will provide 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.

“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 Greenberg, the insurer’s 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 US, 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.”