Liberty Mutual Insurance appoints first chief sustainability officer

US global insurer Liberty Mutual Insurance has appointed long-time company leader Francis Hyatt as the organization's first chief sustainability officer. Hyatt will enhance the organization's 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.

It will 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.

It will also 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.