Company Announces Global Policy on Coal Underwriting and Investing
BOSTON (Dec. 13, 2019) – Liberty Mutual Insurance today announced long-time company leader Francis Hyatt as the organization’s first Chief Sustainability Officer. Hyatt will further enhance the organization’s ongoing focus on significant environmental, social and governance (ESG) issues, and lead the company’s Office of Sustainability.
The company also announced its global policy on coal underwriting and investing.
Liberty Mutual will:
- No longer accept underwriting risk for companies where more than 25 percent of their exposure arises from the extraction and/or production of energy from thermal coal.
- Not make new investments in debt or equity securities of companies that generate more than 25 percent of revenues from thermal coal mining or utility companies that generate more than 25 percent of their electricity production from thermal coal.
- Phase out coverage and investments for existing risks that exceed this threshold by 2023.
"We are committed to being a responsible global corporate citizen with a focus on environmental sustainability, supporting the transition to a low-carbon economy and investing in companies that show proven progress in this evolution," said Hyatt. "We understand the shift from coal to clean energy is a journey and we recognize the role the insurance industry plays in supporting that evolution for our customers. Now more than ever it’s crucial that companies take an active role in advancing their ESG agendas, and I look forward to partnering with internal and external stakeholders around the world to help drive positive impact in society."
Hyatt, who has held a variety of leadership roles during his 28-year career at Liberty Mutual, will head the company's ESG initiatives across the global enterprise. Most recently, Hyatt served as Executive Vice President of Enterprise Talent Practices, where he was responsible for the selection, development, training and retention of talent across the organization. He has helped shape a wide range of leadership and workforce strategies for the company and has spearheaded key milestones, including the establishment of the company's first Chief Diversity & Inclusion Officer.
Hyatt is a member of the Boston College Center for Corporate Citizenship's Professional Services Sustainability Roundtable. He holds a J.D. from Suffolk University Law School and a bachelor's degree in business from Bentley University. Hyatt also serves on the board of directors of Boston Healthcare for the Homeless, Nobody's Children in Windham, New Hampshire and is a member of the Massachusetts Bar.
About Liberty Mutual Insurance
Liberty Mutual's purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Mass., today we are the fifth largest global property and casualty insurer based on 2018 gross written premium. We also rank 75th on the Fortune 100 list of largest corporations in the U.S. based on 2018 revenue. As of December 31, 2018, we had $41.6 billion in annual consolidated revenue.
We employ nearly 50,000 people in 30 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
You can learn more about us by visiting www.libertymutualinsurance.com.
Contacts:
Gina Anderson
Gina.Anderson@libertymutual.com
Glenn Greenberg
Glenn.Greenberg@libertymutual.com
