“Whether we are developing better climate change mitigation methods, closing the protection gap, or creating an environment where our people and communities thrive, we apply our risk acumen to help solve some of the world’s largest challenges.”
Our commitment to environmental, social and governance (ESG) factors has always been a central part of our corporate strategy at RenaissanceRe and it remains firmly embedded in our values today. We believe that advancing this important work benefits all of our stakeholders. Our ESG strategy focuses on three areas where we can apply our core business strengths to make a meaningful impact on society.
Our Carbon Footprint
Tracking our operational carbon footprint is a positive first step that allows us to analyze our operational sustainability and identify opportunities to manage our impact.
As we progress this important work, we have elected to work with ClimateCare to offset our carbon emissions. We have chosen to offset our calculated footprint, resulting in a negative carbon impact.
We are proud to be supporting three innovative projects that reduce global emissions and increase community resilience in the face of climate change:
Our Approach to Investing
Our primary investment objective is to make informed investment allocation decisions that preserve capital, support our business obligations, and maintain our sustainable and diversified position across market sectors.
To further the sustainability of our investment portfolio, we consider environmental, social and governance (ESG) factors within our investment strategy. Our investment guidelines provide for the elimination of all direct investments in companies that are classified as ESG laggards. In addition, we have committed to divest from direct investments in mining companies that derive more than 30% of revenues from thermal coal.
To help us accomplish these goals, we have engaged with MSCI to conduct analysis of our investment portfolio and identify companies that are rated CCC ‘Laggard’ under the MSCI ESG methodology. We will also continue to enhance our management of climate risk within our investment portfolio using the MSCI ESG Climate Metrics dataset.
From natural hazards to emerging cross-portfolio perils like climate change, our RenaissanceRe Risk Sciences team monitors and quantifies the impact of global geophysical risks across our industry and business. We integrate this analysis into our enterprise risk management and catastrophe models, and report regularly to our Board and its committees on these risks.
We are a long-standing member of ClimateWise and serve on the ClimateWise Insurance Advisory Council. We report annually against the ClimateWise principles, which are aligned to the Taskforce for Climate Related Financial Disclosure (TCFD), to help drive the industry response to climate change. In our role on the ClimateWise Insurance Advisory Council we commission high-impact research that helps regulators fully understand the nature of climate risks impacting insurance.
We are a proud sponsor and founding supporter of the US-based IBHS and their Research Center. IBHS reduces the social and economic effects of natural and man-made disasters by conducting research and advocating for improved construction, maintenance, and preparation practices.
We were the U.S. National Wildlife Federation’s first corporate partner and have continued to be a long-time supporter of its efforts to promote scientifically sound public policy and to protect vulnerable species and habitats. In 2014, we were presented with their Award of Corporate Leadership for our ‘outstanding contribution to the creation of resilient communities’ and we continue to work closely with the National Wildlife Federation to improve mitigation techniques to lessen pollution and impact to natural habitats.
We run an award-winning series of Risk Mitigation Leadership Forums, which feature world-renowned speakers and have involved over 4,000 attendees since the forum began in 2008. These free events bring together emergency responders, scientists, policymakers, academics and private sector representatives to advance natural hazards risk mitigation efforts and awareness. Previous forum topics have included ‘Climate Change: Response and Resilience’ and ‘Community Recovery and Resilience’.
We play a very active role in the Insurance Development Forum (IDF), which applies insurance capabilities and resources to build resilience and protection for those communities, businesses and institutions most vulnerable to disaster and economic shock. We chair the IDF's Risk Modeling Steering Group, with the goal of increasing risk understanding among risk owners globally through the application of open risk modeling principles, technology and standards. We are involved in several projects with the IDF, including funding the development of the first probabilistic Sri Lanka flood model in an open-source format to improve analysis of regional flood risks, supporting IDF disaster risk financing and community resilience projects, and lowering barriers to access high-quality hazard and risk information.
We are a supporter of SmarterSafer, a U.S.-based coalition in favor of environmentally responsible, fiscally sound approaches to natural catastrophe policy that promote public safety. The coalition believes that the U.S. Federal Government has a role to play in encouraging and helping homeowners undertake mitigation efforts to safeguard their homes against natural disasters.
We are one of the eight founding members of the Lloyd’s Disaster Risk Facility, which was launched in 2015 to address underinsurance and promote resilience in countries vulnerable to natural disasters. In collaboration with others in the Lloyd’s market, we have developed a hurricane and earthquake bond and parametric insurance coverage that provides efficient risk capital to the less developed world.
Supporting Career Growth
We strive to hire talented people and invest heavily in their development to support professional and personal growth. As employees grow at RenaissanceRe, we support them in mastering specific competencies at each career level. Our bespoke approach to development encourages continuous learning through skills-based training, technical development and stretch assignments.
Developing our Leaders
We are committed to providing the tools and resources our managers need to succeed, such as access to online competency development programs and tailored management training. We also invest in the professional growth of our leaders through customized leadership development programs to build advanced skills and capabilities across a diverse set of participants within the organization.
Encouraging an Open Feedback Culture
We believe in fostering an open and collaborative culture that encourages employees to take ownership of their performance and development. Our Performance Management Process (PMP) runs throughout the year and provides a transparent structure for our employees to define and measure their success. We conduct regular pulse checks to measure employee satisfaction and engagement, allowing us to adapt and improve based on employee feedback.
Developing Future Generations
Since 2008, we have proudly offered a RenaissanceRe Undergraduate Scholarship Program which provides educational assistance to students who demonstrate academic excellence, leadership experience and community engagement.
We also offer paid internships every summer across our London, Dublin, New York and Bermuda offices to provide potential employees with valuable insight into our industry, including the tools required to secure competitive roles across various departments like Claims, Finance, Legal, Operations and Underwriting.
Our Apprenticeship scheme mirrors this philosophy, encouraging individuals outside of traditional higher education routes to join our industry and gain experience, as well as attaining a valuable industry qualification.
We are a proud to be a long-term sponsor of the DiveIn Festival to promote diversity and inclusion in the global (re)insurance sector. We have been involved in events across Bermuda, London and Switzerland which have focused on topics such as the importance of identifying, recruiting and retaining diverse voices.
We have actively engaged in the award-winning technology sector initiative, Women ReBOOT, to help women develop the skills, competence, and confidence to return to work after a career break. We have supported several women through this scheme and made permanent hires as a result. We were also selected to present at the Irish Business and Employers’ Confederation on what it means to be a “Returner Friendly Company”.
We have signed the Inclusive Insurance Pledge to demonstrate our commitment to a culture where inclusive behaviors are the norm and where everyone is accepting of diversity.
of our annual giving is directed by our employees.
You can find more information on key environmental, social and governance (ESG) factors in the following documents:
Our ESG Content Index maps our disclosures against the Sustainability Accounting Standards Board (SASB) for the insurance industry and the Task Force on Climate-related Financial Disclosure (TCFD).
Code of Ethics & Conduct
Since 1993, we have been known for excellence throughout the industry, and our employees share a common goal to adhere to the highest standards of honesty and fair dealing. Our Code of Ethics and Conduct captures information relating to a variety of topics, including data privacy, whistleblowing and our oversight of anti-bribery, anti-money laundering and anti-corruption training for all of our employees.
Equal Opportunities Statement
We are an equal opportunity employer. We provide equal opportunity to all applicants and employees regardless of race, color, religion, national origin, age, sex, sexual orientation, gender identity, marital status, pregnancy, disability, military status or other legally protected categories.