WARREN, New Jersey, USA, August 22, 2007.
A global insurance organisation is preparing for the “accelerating development of environmentally friendly energies, products and technologies.”
The Chubb Group of Insurance Companies has formed a green energy team of underwriters and loss control specialists, which will develop core commercial insurance products and services geared toward customers that operate within the renewable energy sector. It will broaden its strategic scope for clients in the areas of green power generation (including wind, solar and geothermal); renewable and clean fuels (ethanol, biodiesel and fuel cells), alternative energy devices (solar panels, wind turbines and other devices), energy-efficient products (compact fluorescent lighting, HVAC systems, office equipment and other products), and renewable energy users, including businesses with energy-efficient and environmentally friendly properties.
“The creation of Chubb's green energy team will allow us to look beyond traditional renewable energy production and distribution risks, and explore the insurance and loss control issues facing our other commercial customers,” explains Peter Thompson of Chubb & Son. “Providing insurance to this growing sector is a means to support the development of the alternative energy marketplace.”
The team will build on Chubb's history of involvement in the renewable and green energy market. For the past 20 years, the company has insured and assessed risks for renewable energy producers and distributors, including wind turbines, ethanol and biodiesel plants, solar energy systems, hydroelectric power generators and other renewable energy operations.
“Chubb has served the energy sector for decades and, as the marketplace has become more environmentally aware, we have broadened our expertise to meet its insurance needs," adds Thompson. “With this initiative, we will gain a deeper understanding of the industry and identify new product needs for the array of businesses involved with or affected by renewable energy.”
The member insurers of the Chubb Group of Insurance Companies have assets of US$44 billion and provide insurance through 8,500 agents and brokers. Its global network is based in North America, Europe, Latin America, Asia and Australia.
The publicly-traded company was launched in the seaport district of New York City in 1882, when Thomas Caldecot Chubb and his son Percy opened a marine underwriting business.
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