Chubb, a publicly traded property and casualty insurance company, has launched a global climate business unit in a bid to support net zero climate targets.
Chubb provides property and casualty insurance personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
The unit will draw on Chubb’s extensive technical capabilities in underwriting and risk engineering and bring together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services.
The 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.
Additionally, the unit will provide risk management and resiliency services to help those managing the impact of climate change.
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.
Evan G. Greenberg, chairman and chief executive officer, said, “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.
“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.”
McMullin added, “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.”
In December last year, Chubb announced that it was planning on launching a technology services centre in Thessalonki, Greece.
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