Climate Change Data

Environmental Metrics

ESG Focus Areas

• Promoting climate resilience
• Closing the protection gap
• Inducing positive societal change
• Diversity, Equity and Inclusion (DEI)
• Corporate Social Responsibility (CSR)

Environmental Achievements

• Tracking and offsetting estimated operational carbon emissions
• Leveraging partnerships to increase economic resiliency of vulnerable communities

Social Achievements

• Investment in employees’ professional development and personal growth
• DEI principles embedded throughout the organization
• Long-standing dedication to community engagement and charitable giving
• Global CSR strategy with a locally-led philosophy

Governance Achievements

• Increased gender diversity on the Board from less than 10% to over 36% over a five-year period
• Enhanced management interaction and Board participation to ensure effective oversight during COVID-19 pandemic
• Active shareholder engagement
• Robust Code of Ethics and Conduct for all directors and employees
• Oversight of key ESG, DEI, and CSR initiatives

Climate Goals & Targets

Environmental Challenges

• Unprecedented disruption of COVID-19 in 2020 impacting underwriting results
• Elevated frequency of weather-related catastrophic events in 2020

Mitigation Strategies

• Vigorous process to raise over $1 billion in common equity capital
• Quick and efficient deployment of capital through organic growth and risk retention
• Increased operational, capital and investment leverage
• Increased Board engagement with management to deliver a robust oversight process during the pandemic
• Holding regular, robust virtual informational sessions to maintain oversight during travel restrictions

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Increase in frequency and severity of natural catastrophes

Environmental Metrics

ESG Focus Areas

• climate resilience
• closing the protection gap
• inducing positive societal change
• diversity, equity and inclusion
• corporate social responsibility

Environmental Achievements

• Overall investment portfolio MSCI ESG rating of “A” as of end of 2022
• Approximately 70% reduction in carbon intensity of our corporate credit and equity portfolios between October 2020 and December 2022
• Tracking and offsetting of our estimated operational carbon emissions
• Founded Plastic Pledge in Bermuda to avoid single-use plastics

Social Achievements

• DEI principles are embedded throughout the organization and employment lifecycle, including recruitment, compensation and management succession planning
• Employee nationality represented by approximately 49 different countries
• 29% of our Operating Committee members are women
• Investment in our employees’ professional development and personal growth through skills-based training, technical development and stretch assignments
• Global CSR strategy with a locally led philosophy so that our employees can impact where they live

Governance Achievements

• Active shareholder engagement
• Robust Code of Ethics and Conduct (“Code of Ethics”) for all directors and employees
• Board and Committee oversight of key ESG, diversity, equity and inclusion (“DEI”), and corporate social responsibility (“CSR”) initiatives
• Audit Committee review of ESG-related metrics
• CEO succession planning and management development pipeline, using a DEI lens

Climate Goals & Targets

Environmental Challenges

• Significant catastrophe and mark-to-market losses in 2022
• Industry catastrophe losses exceeded $130 billion, resulting in an $808 million net negative impact on net loss attributable to RenaissanceRe common shareholders in 2022
• Rising interest rates during the year contributed to $1.8 billion of net realized and unrealized losses in our investment portfolio, contributing to a 21% decline in book value per share and (22)% return on average common equity

Mitigation Strategies

• Improvements in underwriting, fee, and investment income, making financial results more resilient to volatility
• Successful management of capital to take advantage of opportunities in a highly volatile market
• Demonstrated leadership and discipline at the January 1 renewal, resulting in an increased margin of safety for shareholders

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• natural and non-natural catastrophic events

Transition Risks

• climate change

Reporting Standards

Frameworks Used: TCFD

Environmental Metrics

ESG Focus Areas

• Climate change
• Diversity, Equity & Inclusion (DEI)
• Corporate Social Responsibility (CSR)

Environmental Achievements

• Approximately 73% reduction in carbon intensity of our corporate credit and equity portfolios between October 2020 and December 2022
• Tracking and offsetting of our estimated operational carbon emissions

Social Achievements

• Conducted employee engagement survey in 2023, and are leveraging insights to improve employee satisfaction and engagement
• Investment in our employees’ professional development and personal growth through skills-based training, technical development and stretch assignments
• Long-standing dedication to community engagement and charitable giving through employee matching and corporate grants

Governance Achievements

• Updated Audit Committee Charter to formalize the Audit Committee’s responsibility for oversight of risks related to cybersecurity
• Renamed Compensation and Corporate Governance Committee as the Corporate Governance and Human Capital Management Committee
• Updated and modernized Corporate Governance Guidelines and charters for committees

Climate Goals & Targets

Environmental Challenges

• Climate change impacts (increased frequency and severity of natural catastrophes)
• Industry consolidation reducing the number of comparable companies for benchmarking

Mitigation Strategies

• Integrating climate data and expertise into enterprise-wide risk management and catastrophe models
• Formal Responsible Investing Policy
• Dedicated internal Global Green Group for environmental data and operational sustainability
• Regular review and assessment of existing peer group for compensation benchmarking

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Increased frequency and severity of climate events

Reporting Standards

Frameworks Used: GRI, UN Principles for Sustainable Insurance, UN Global Compact