Global insurance provider Chubb recently announced the launch of a new global climate business unit, bringing together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services.
The new business unit will offer a full spectrum of insurance products and services to businesses that develop or employ technologies and processes that help reduce carbon dependency, as well as provide risk management and resiliency services to aid those managing the impact of climate change.
Chubb, which has a local office in Whitehouse Station, said it has drawn from its technical capabilities in underwriting and risk by bringing together existing units.
The new Global Climate Business Unit will be co-led by two experienced Chubb senior leaders. Matthew McMullin, based in Whitehouse Station, has been named North America leader of the Chubb Global Climate Practice. Matthew Hardy, based in London, has been named Chubb Overseas General leader, representing all markets outside the U.S., 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,” McMullin said. “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,” Hardy added. “With a full spectrum of solutions, dedicated underwriters and risk engineers, we can scale to our customers’ needs, however complex.”
McMullin will maintain his role as energy industry practice leader for North America. He joined Chubb in 2008 and held several roles within global casualty. In 2021, he joined the commercial insurance energy industry practice to take charge of its underwriting portfolio.
Hardy, formerly executive vice president, energy, for COG, has nearly 30 years of insurance industry experience and first joined Chubb in 1996. Throughout the years, he has held various energy positions, including head of onshore and chief underwriting officer, energy, for COG.