Principle 1 - Be Accountable (continued) 1.2 Describe management’s (below board-level responsibility) role in assessing and managing climate-related issues. As referenced in sub-principle 1.1., RenaissanceRe has RenaissanceRe has an integrated approach to ESG adopted an ESG strategy comprised of three core areas governance, with cross-collaboration among its Board that are central to the Company’s overarching corporate committees and management. RenaissanceRe’s Board strategy. RenaissanceRe has various proactive methods and its committees are actively engaged in the oversight of embedding the first area, Promoting Climate Resilience, of environmental, social and governance initiatives into its corporate strategy through the identification and (including climate change) and its management provides management of climate-related issues and opportunities. regular reports on progress and developments. ESG GOVERNANCE STRUCTURE Board of Directors Board Committees Management Internal Collaboration Responsible for broad Oversee, monitor Responsible for ESG subject matter oversight of strategic and review policies, decision-making and specialists collaborate planning and programs and practices execution based on to drive the continued enterprise-wide risk related to ESG matters. areas of corporate focus. development of our management. Regularly reports to the ESG strategy. Board of Directors and its committees on key ESG topics. Risk Management Framework Internal Audit team, reports to the Audit Committee of The consideration of the impacts of climate change RenaissanceRe’s Board and provides independent, is integral to RenaissanceRe’s ERM process. objective assurance as to the assessment of the RenaissanceRe believes that high-quality and effective adequacy and effectiveness of its internal control ERM is best achieved when it is a shared cultural systems and also coordinates risk-based audits and value throughout the organization and considers compliance reviews and other specific initiatives to ERM to be a key process which is the responsibility evaluate and address risk within targeted areas of the of every individual within the Company. In particular, business. RenaissanceRe has taken measures to mitigate losses Climate & Sustainability Leadership Group related to climate change through its underwriting process and by continuously monitoring and adjusting RenaissanceRe has an internal, cross-functional its risk management models to reflect the higher level of Climate Change & Sustainability Leadership Group risk that it thinks will persist. responsible for driving the strategic planning and tactical execution for all activities related to climate change RenaissanceRe integrates the anticipated impact and sustainability within the context of underwriting. of climate change holistically into its ERM process The group is comprised of a diverse group of internal and catastrophe models, and regular reports by stakeholders, including representatives from the management to the Board and its committees on these investments, risk, capital partners, business development, issues are central to RenaissanceRe’s governance underwriting, legal and strategy functions, who provide processes. RenaissanceRe’s ERM framework operates coordination with pertinent business units across the via a three lines of defense model. The first line of defense organization. This group generally meets weekly to consists of individual functions that deliberately assume review progress, confirm task ownership and discuss risks on its behalf and own and manage risk within the collaboration opportunities across the organization, Company on a day-to-day and business operational and reports regularly to RenaissanceRe senior basis. The second line of defense is responsible for risk management on key activities, risks and opportunities oversight and supports the first line to understand and relating to climate change as part of a monthly ESG manage risk. A dedicated risk team led by the Group update. RenaissanceRe also has several dedicated Chief Risk Officer is responsible for this second line internal information channels to raise awareness of and reports to the Investment and Risk Management climate-related risks and opportunities, and to facilitate Committee (“IRMC”) of RenaissanceRe’s Board and information sharing amongst key internal stakeholders. the Chief Executive Officer. The third line of defense, its Page 5