Chubb unveils $700 million climate risks unit

Chubb has launched a new global climate business unit, combining alternative and renewable energy, climate tech, agribusiness and risk engineering services. 

The new Global Climate Business Unit will be co-led by Matthew McMullin, (pic above left) based in Whitehouse Station, New Jersey, who has been named North America leader of the Chubb Global Climate Practice.

Matthew Hardy, (pic right) based in London, has been named Chubb Overseas General (COG) leader, representing all markets outside the U.S., Canada and Bermuda.

According to Chubb, 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. 

Chubb added that together these businesses generated more than $675 million in premium revenue in 2022.

Evan Greenberg, Chubb’s chairman and CEO, said the move reflects “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.”

“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. 

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 CUO, 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.