Principle 3 - Lead in the identification, understanding and management of climate risk (continued) RenaissanceRe is proud to have reduced the carbon US Carbon Transition Readiness Fund in 2021. intensity of its corporate credit and equity portfolios The fund had a total of $1.25bn in assets, making it by 70% from October 2020 to December 2021 (as the largest exchange traded fund launch in history. measured by MSCI) and considers climate change RenaissanceRe was featured in BlackRock’s press to be an important and growing influence on its release announcing the ETF with its Chief Executive investment process. RenaissanceRe conducts Officer remarking, regular assessments of its investment portfolio and has calculated that its overall MSCI ESG rating is ‘A’ as “As a global reinsurer, we are uniquely aware of the of December 2021. long-term risks of climate change due to our central role in protecting communities from its impact. Investing in transition-ready companies furthers our leadership in risk management, while advancing the carbon intensity reduction sustainability of our own investment portfolio”. of our corporate credit and Current and Emerging Regulatory Requirements 70% equity portfolios RenaissanceRe’s Legal, Regulatory and Compliance team monitors regulatory developments related to climate change and environmental matters that may impact the Company’s operations and business, RenaissanceRe’s investments team continues to and works with internal stakeholders to implement seek new opportunities to decarbonize its portfolio, measures designed to ensure compliance with legal including becoming a seed investor in BlackRock’s and regulatory requirements. 3.2. Support and undertake research and development to inform current business strategies (including investments) on adapting to and mitigating climate-related issues. In parallel with the steps taken to further the In underwriting, RenaissanceRe has a long track sustainability of its investment portfolio outlined record of leadership in applying its risk expertise in sub-principle 3.1, RenaissanceRe is proactively and leveraging its partnerships to seek to increase considering the role that investments with specific the economic resiliency of vulnerable communities positive impact objectives may have in its portfolio impacted by climate change. Reinsurance plays an by analyzing the performance, liquidity and real- important role in helping communities recover after world outcomes of existing and potential future a natural disaster, and RenaissanceRe has made investments in: significant commitments to reduce the protection gap and mitigate the impact of natural disasters • sectors such as renewables, forestry and on populations and economies in the developing infrastructure which improves resilience to world. RenaissanceRe has a dedicated global team climate change; focused on public sector partnership activities to • asset classes such as bonds labelled as impact, support its continued work in this space, and has transition, green, sustainable or sustainability- cultivated several external partnerships to conduct linked and aligned to recognized standards research and develop new solutions in the face of (such as, but not limited to the Green Bond / climate change (see next page): Sustainability Bond principles as set out by the International Capital Markets Association, European Securities and Markets Authority and the Climate Bond Initiative); and • other impact products (for example equity funds) which align to appropriate recognized standards such as the International Finance Corporation Operating Principles for Impact Management. Page 12