“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.”
Kevin O’Donnell, President & CEO
ESG at RenaissanceRe
Our purpose is to protect communities and enable prosperity.
Our corporate values and purpose underpin our ESG strategy, which focuses on three areas where we can apply our core business strengths to make a meaningful impact on society.
Developing and sharing our skills and expertise to help the world better manage climate risk.
For more than 25 years, we have been a leader in understanding and modeling the impact of climate-related events. We believe that the frequency and severity of natural catastrophes have increased due to human-driven climate change and are focused on preventing and mitigating its 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:
We are continuously looking for effective ways to minimize our impact on the environment, monitoring and analysing our operations and facilities to help us determine how we can be more efficient and environmentally friendly. To further manage our own environmental footprint, we are pleased to participate in the Beyond Plastic Champions programme in support of Bermuda’s commitment to reducing single use plastics. To tangibly advance this commitment and steward sustainable behaviours, we provide high-quality reusable merchandise to both internal and external stakeholders.
For more information, visit www.beyondplastic.bm.
RenaissanceRe’s Investment Portfolio Rating
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 environment, social and governance (ESG) factors within our investment strategy. We believe this helps us identify attractive investment opportunities, while limiting downside risks related to ESG considerations.
We conduct regular assessments of our investment portfolio and have calculated that our overall MSCI ESG rating is ‘A’ as of December 2022.
Click here to view our Responsible Investing Policy
Steps taken to decarbonize our portfolio and support the transition to a low carbon economy:
Reduced the carbon intensity of our corporate credit and equity portfolios by 70% from October 2020 to December 2022 as measured by MSCI. The significant decrease was achieved by proactively reducing our exposure to relatively high carbon intensive entities.
Our investment guidelines provide for the elimination of direct investments in:
Companies that are classified as ‘CCC’ ESG Laggards under the MSCI methodology
Companies that derive more than 10% of revenues from thermal coal mining
Corporate credit issuers and equities that have a high carbon intensity measured by MSCI
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.
Click here for more information.
We are a long-standing member of ClimateWise and serve on the ClimateWise Insurance Advisory Council and Managing Committee. Furthermore, our President and CEO, Kevin O’Donnell, currently serves as Chair of ClimateWise. 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.
2022 ClimateWise TCFD Report
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.
RenaissanceRe worked closely with the Working Group on Climate Adaptation sponsored by IBHS to develop the first Climate Change Adaptation Principles, which have been signed by representatives of the property insurance industry to support the US Administration, Congress and local governments’ efforts to enact smart climate adaptation policies.
The First Street Foundation is a science and technology non-profit organization dedicated to making climate risk easy to understand and actionable for citizens, governments, and industry. They use transparent, peer-reviewed methodologies to calculate current and future climate risks facing individual properties across the United States, empowering Americans to protect themselves and their homes. We are a proud supporter of First Street Foundation's initiatives and, in addition to licensing their high-quality flood maps to further inform its view of flood risk, we are partnering with them to work on multiple projects that look at the effect of climate change on flood and other factors across the United States.
We are a founding sponsor and presenter of Bermuda's first Youth Climate Summit Bermuda. Designed to engage, involve and inspire young people aged 13 to 22 in the critical discussion of climate change, these events provide students with a unique opportunity to engage in the climate conversation on a global and local level through informative, educational, and interactive sessions. Student participants learn from global subject matter experts, leaders and youth activists in the fields of environmental conservation, sustainability and climate justice. Participants are given the opportunity to launch their own initiatives, partnering with local NGOs on a year-long, action-based volunteer project managed by a peer-elected Youth Climate Advisory Board.
We have partnered with the Bermuda Zoological Society to initiate a pilot project to promote biodiversity and stewardship of our natural heritage by creating several sustainable micro forests. Focusing on native woodland reforestation around Bermuda and inspired by the Miyawaki urban micro-forest model, this initiative focuses on empowering individuals with little time or space to spare to contribute towards climate change mitigation by clearing invasive trees and shrubs and planting Bermuda native-compatible and endemic trees.
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.
Partnering to provide sustainable risk mitigation solutions for those that are vulnerable in society.
We have a long track record of leadership in applying our risk expertise and leveraging our partnerships to increase the economic resiliency of vulnerable communities. Reinsurance plays an important role in helping communities recover after a natural disaster, and we have made significant commitments to reduce the protection gap and mitigate the impact of natural disasters on populations and economies in the developing world. We have a dedicated global team focused on public sector partnership activities to support our continued work in this space.
Since 2008, we have run an award-winning series of Risk Mitigation Leadership Forums, which feature world-renowned speakers and have involved thousands of attendees. These free events bring together emergency responders, scientists, policymakers, academics and private sector representatives to advance natural hazards risk mitigation efforts and awareness.
Our most recent forum, a collaboration with the Governor of Virginia, was an innovative tabletop exercise using Portsmouth, VA as a case study to explore climate change and establish a real-world framework for adaptive strategies and risk mitigation solutions that can be applied to vulnerable communities around the globe.
Click here and select the “Presentations” tab to watch videos from the forum.
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 co-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:
Partnering in the IDF / UN Development Programme / German government Tripartite Agreement programme to build insurance capability in vulnerable countries. RenaissanceRe is a lead partner in the agreement's Bangladesh consortium, utilizing satellite imagery to develop enhanced flood resilience solutions in the Brahmaputra delta region.
Providing technical risk analytics advice to the Start Ready humanitarian financing facility, an innovative programme from Start Network, a grouping of over 50 NGOs and civil society organizations. Start Ready will help communities in 8 countries anticipate imminent extreme events and build resilience through contingent risk financing measures including insurance, ultimately making countries less dependent on emergency aid.
Funding the development of the first probabilistic Sri Lanka flood model in an open-source format to improve analysis of regional flood risks, enhance disaster risk financing and community resilience, and lower barriers to high-quality hazard and risk information.
Through co-chairing the IDF's Risk Modeling Steering Group, we are a driving force behind two key international proposals announced at COP26 to accelerate risk understanding for public good.
The Global Risk Modelling Alliance, which aims to build sovereign and humanitarian capability in local risk understanding to unlock climate and disaster risk finance. Critically, this proposal provides communities with a portal to reinsurance sector risk experience and modeling technology.
The Global Resilience Index Initiative, a multi-partner initiative which will deliver an 'atlas' of risk to give financial institutions and countries a strategic overview of their risks and the value of investing in resilience measures.
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.
Shaping a positive environment for our people and communities.
Our employees are our most valuable asset, and we are committed to maintaining a culture that supports every one of our employees in their personal and professional journey. We share a passion for solving our customers’ biggest challenges through a collaborative and entrepreneurial culture that empowers employees and rewards creative thinking.
Our Commitment to Diversity, Equity & Inclusion
We believe that by seeking diversity, creating equity and practicing inclusion we will build an even stronger culture and company. Our Diversity, Equity and Inclusion (DEI) strategy is run through our DEI Council, which is chaired by our Group Chief Underwriting Officer, with the focus of executing our DEI strategy and further embedding DEI principles into our daily practices. We strive to foster an environment with diversity at all levels of the organization, and we regularly update our Board on our progress.
We take a very thoughtful and thorough approach to learning and discussing important DEI topics in RenaissanceRe with a Think Global, Act Local framework.
*All data as of March 1, 2023.
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 allyship to the LGBTQ+ community, the power of the multigenerational workforce and the intersectionality of gender, sexism and mental health.
We are a proud supporter of Race Action Through Leadership (“RATL”) which brings together senior insurance leaders of color to create a stronger voice to influence the industry at all levels. As an ambassador, we are an active member of this initiative alongside other like-minded industry participants seeking to drive forward action in this space.
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, support the profession in attracting the brightest talent, and enable our people to contribute to their fullest.
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.
All employees will be offered RenaissanceRe’s foundational social styles program to build individual capability and team effectiveness.
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.
CLICK HERE FOR INFORMATION
We also offer paid internships every summer in several of our global offices to provide potential employees with valuable insight into our industry, including the skills required to secure competitive roles across various departments.
Considering Diversity throughout the Employee Lifecycle
We are focused on embedding DEI principles into every stage of our employee journey. We have invested in language and content guidance software to enhance our recruitment and selection practices to reduce bias and encourage qualified candidates to apply regardless of background. We conduct robust analysis to mitigate against bias in our compensation process with the goal of ensuring that equal pay is provided for equal performance and conduct regular DEI engagement surveys to obtain feedback from our staff.
We also apply a DEI lens to the selection process for our leadership and management development programs as we strive to provide equitable access.
Offering Competitive Benefits & Rewarding Performance
We aim to attract, motivate, reward and retain the best people by aligning our performance management practices with our compensation and benefits programs. At RenaissanceRe we reward our people based on both personal and company performance so that all employees can contribute to and share in the company’s success. The execution of our ESG strategy is an integral part of how we operate and is formally assessed as part of our annual incentive program.
In addition to our competitive compensation practices, we offer a comprehensive benefits package which includes health and wellness plans, retirement plans, parental leave policies, and a wide range of other benefits aimed at supporting the overall financial, mental and physical wellbeing of our employees and their families.
Supporting Our Communities
By giving at a corporate and local level, we focus on efforts that will make our communities more resilient. We believe it is important to be an engaged citizen where we live and work, and our locally-led giving philosophy allows us to support the causes that our employees care about in each of our locations around the world.
We believe that giving is good for our communities, our people and our business.
of our annual giving is directed by our employees.
ESG Governance Structure
Board of Directors
Responsible for broad oversight of strategic planning and enterprise-wide risk management.
Oversee, monitor and review policies, programs and practices related to ESG matters.
Responsible for decision-making and execution based on areas of corporate focus. Regularly reports to the Board of Directors and its committees on key ESG topics.
ESG subject matter specialists collaborate to drive the continued development of our ESG strategy.
We’re pleased to confirm that, following an evaluation of our sustainability criteria in 2022, RenaissanceRe continues to remain a constituent of the FTSE4Good Index Series. This series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices.
RenaissanceRe is a participant in the UN Global Compact, the largest corporate sustainability initiative. As part of our commitment to sustainable and responsible business practices, RenaissanceRe is committed to aligning strategies and operations with universal principles on human rights, labour, environment and anti-corruption and take actions that advance societal goals.
RenaissanceRe is a signatory of the UN Principles for Responsible Investment (PRI) in partnership with the UNEP Finance Initiative and the UN Global Compact. RenaissanceRe is committed to report against the investment framework and is proud to be part of this global community to build a more sustainable financial system.
Click here to view our Responsible Investing Policy
RenaissanceRe is a signatory of the UN Principles for Sustainable Insurance, a global framework helping the insurance industry address ESG risks and opportunities to build more resilient, inclusive and sustainable communities and economies.
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.
Human & Labor Rights Policy
Occupational Health & Safety Policy
Corporate Governance Guidelines
UK Board Diversity Policy
US – Transparency in Coverage Rule
This link leads to the machine-readable files that are made available in response to the federal Transparency in Coverage Rule and includes negotiated service rates and out-of-network allowed amounts between health plans and healthcare providers. The machine-readable files are formatted to allow researchers, regulators, and application developers to more easily access and analyze data.