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Chubb launches global climate business

Matthew McMullin and Matthew Hardy

Chubb Ltd. said Wednesday it has launched a global business unit that will provide insurance coverage and risk management services to help businesses manage climate risks and the transition to net zero.

The global climate business brings together Chubb’s existing traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services practices and will be co-led by two senior executives.

These businesses generated more than $675 million in premium revenue in 2022, according to a Chubb statement.

Matthew McMullin, Whitehouse Station, New Jersey-based energy industry practice leader for North America, has been named North American leader of the global climate practice in an expanded role.

Matthew Hardy, based in London, has been named Chubb Overseas General leader, representing all markets outside the U.S., Canada and Bermuda. Mr. Hardy was previously executive vice president, energy, for Chubb Overseas General.

Mr. McMullin and Mr. Hardy will work with Margaret Peloso, who was recently hired as global climate officer, effective Jan. 16.