Chubb announced the launch of a new global climate business unit, drawing on the company's extensive technical capabilities in underwriting and risk engineering and bringing together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services. 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. Together these businesses already generated more than $675 million in premium revenue for Chubb in 2022. 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 U.S., Canada and Bermuda. McMullin, who will maintain his role as Energy Industry Practice Leader for North America, joined Chubb in 2008. He held several roles with Global Casualty before joining the Commercial Insurance Energy Industry Practice in June 2021, where he was responsible for the division's underwriting portfolio.
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 Chief Underwriting Officer, Energy, for COG.