2022 ClimateWise Report

Table of Contents Foreword 02 03 Principle 1 1.1 Ensure that the organization’s board is working to incorporate the Principles into the business strategy and has oversight of climate risks and opportunities. 1.2 Describe management's (below board-level responsibility) role in assessing and managing climate- related issues. 06 Principle 2 2.1 Evaluate the implications of climate change for business performance (including investments) and key stakeholders. 2.2 Measure and disclose the implications of climate-related issues for business performance (including investments) and key stakeholders. 2.3 Incorporate the material outcomes of climate risk scenarios into business (and investment) decision making. 10 Principle 3 3.1 Ensure processes for identifying, assessing and managing climate-related risks and opportunities are integrated within the organization (including investments). 3.2 Support and undertake research and development to inform current business strategies (including investments) on adapting to and mitigating climate-related issues. 14 Principle 4 4.1 Encourage our suppliers to improve the environmental sustainability of their products and services and understand the implications these have on our business. 4.2 Disclose our Scope 1, Scope 2 and Scope 3 GHG emissions using a globally recognized standard. 4.3 Measure and seek to reduce the environmental impacts of the internal operations and physical assets under our control. 4.4 Engage our employees on our commitment to address climate change, helping them to play their role in meeting this commitment in the workplace and encouraging them to make climate-informed choices outside work. 18 Principle 5 5.1 Promote and actively engage in public debate on climate-related issues and the need for action. Work with policy makers locally, regionally, nationally and internationally to help them develop and maintain an economy that is resilient to climate risk. 5.2 Support and undertake research on climate change to inform our business strategies and help to protect our customers’ and other stakeholders’ interests. Where appropriate, share this research with scientists, society, business, governments and NGOs in order to advance a common interest. 22 Principle 6 6.1 Communicate our beliefs and strategy on climate-related issues to our customers and/or clients. 6.2 Inform our customers and/or clients of climate-related risks and provide support and tools so that they can assess their own levels of risk. 24 Principle 7 7.1 Submission against the ClimateWise Principles. 7.2 Public disclosure of the ClimateWise Principles as part of our annual reporting.

Note on Forward Looking Statements This 2022 ClimateWise Report of RenaissanceRe Holdings Ltd. contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may,” “should,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “predict,” “potential,” or words of similar import generally involve forward-looking statements. For example, we may include certain forward-looking statements in the discussion and analysis of our financial condition and results of operations with regard to trends in results, prices, volumes, operations, investment results, margins, combined ratios, fees, reserves, market conditions, risk management and exchange rates. This 2021/22 ClimateWise Report also contains forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, market standing and product volumes, competition and new entrants in our industry, industry capital, insured losses from loss events, government initiatives and regulatory matters affecting the reinsurance and insurance industries. The inclusion of forward-looking statements in this report should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following: – our exposure to natural and non-natural catastrophic events – our need to make many estimates and judgments in the and circumstances and the variance they may cause in our preparation of our financial statements; financial results; – our ability to effectively manage capital on behalf of investors in – the effect of climate change on our business, including the trend joint ventures or other entities we manage; towards increasingly frequent and severe climate events; – changes to the accounting rules and regulatory systems – the effectiveness of our claims and claim expense reserving process; applicable to our business, including changes in Bermuda laws – the effect of emerging claims and coverage issues; or regulations or as a result of increased global regulation of the – the historically cyclical nature of the (re)insurance industries insurance and reinsurance industries; – collection on claimed retrocessional coverage, and new – other political, regulatory or industry initiatives adversely retrocessional reinsurance being available on acceptable terms; impacting us; – the ability of our ceding companies and delegated authority – our ability to comply with covenants in our debt agreements; counterparties to accurately assess the risks they underwrite; – a contention by the IRS that any of our Bermuda subsidiaries are – our ability to maintain our financial strength ratings; subject to taxation in the U.S.; – the performance of our investment portfolio and financial – the effects of possible future tax reform legislation and regulations, market volatility; including changes to the tax treatment of our shareholders or investors in our joint ventures or other entities we manage; – the effects of inflation; – our ability to determine any impairments taken on our investments; – the highly competitive nature of our industry, resulting in – the uncertainty of the continuing and future impact of the consolidation of competitors, customers and (re)insurance brokers, COVID-19 pandemic, including measures taken in response and our reliance on a small and decreasing number of brokers; thereto and the effect of legislative, regulatory and judicial – the impact of large non-recurring contracts and reinstatement influences on our potential reinsurance, insurance and investment premiums on our financial results; exposures, or other effects that it may have; – the impact of large non-recurring contracts and reinsurance – foreign currency exchange rate fluctuations; statement premiums on our financial results; – our ability to raise capital if necessary; – our ability to attract and retain key executives and employees; – our ability to comply with applicable sanctions and foreign corrupt – the effect of cybersecurity risks, including technology breaches practices laws; or failure; – our dependence on the ability of our operating subsidiaries to – our ability to successfully implement our business, strategies and declare and pay dividends; initiatives, and the success of any of our strategic investments or – aspects of our corporate structure that may discourage third-party acquisitions, including our ability to manage our operations as our takeovers and other transactions; and product and geographical diversity increases; – difficulties investors may have in serving process or enforcing – our exposure to credit loss from counterparties; judgments against us in the U.S. As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above, which are discussed in more detail in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and as from time to time updated in our Quarterly Reports on Form 10-Q, should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Page 1

Foreword This year, I accepted the role of Chair of ClimateWise to further enhance our long- standing partnership. We believe that ClimateWise provides a unique opportunity for the industry to collaborate and strengthen our collective response to climate change. At RenaissanceRe, our commitment to environmental, social and governance (“ESG”) matters has always been a central part of our corporate strategy, and it remains one of our core values today. A key area of our ESG strategy is to Promote Climate Resilience and reporting through ClimateWise allows us to outline the key risks and opportunities climate change poses to our business. We are a long-standing member of ClimateWise and report annually against their 7 Principles to help drive the (re)insurance industry response to climate change by going beyond the standard Task Force on Climate-Related Financial Disclosures (“TCFD”) recommendations to provide a detailed, industry-specific insight into our management of climate change. We remain committed to continuously enhancing both our public disclosures in this space and the many ways in which we manage our exposure to climate-related risks. Kevin O’Donnell, President and Chief Executive Officer Page 2

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Principle 1 - Be Accountable 1.1 Ensure that the organization’s Board is working to incorporate the Principles into business strategy and has oversight of climate risks and opportunities. RenaissanceRe Holdings Ltd.’s (“RenaissanceRe” and ESG oversight is specifically referenced in or the “Company”) Board of Directors (the “Board”) the Corporate Governance and Human Capital recognizes the importance of investing time and Management Committee charter. The full Board, and resources in business practices that emphasize each of its standing committees, receive reports good corporate citizenship and environmental on relevant ESG and risk matters, including climate sustainability, and RenaissanceRe has adopted a change, in order to ensure effective oversight. formal ESG strategy, which focuses on three core RenaissanceRe’s dedicated ESG team reports to areas where the Company applies its core business the Corporate Governance and Human Capital strengths to make a meaningful impact on society — Committee quarterly, and to the full Board at least promoting climate resilience, closing the protection annually, on its ESG initiatives and progress on gap, and inducing positive societal change. implementation of the Company’s ESG strategy. The primary responsibilities of each committee RenaissanceRe’s Board has active oversight are summarized in the Risk Management Process of strategic planning and enterprise-wide risk overview on page 6 below. management (“ERM”), including environmental and sustainability matters. RenaissanceRe considers ERM At least annually, RenaissanceRe’s Group Chief Risk to be a key strategic objective and believes that its Officer presents a comprehensive risk management ERM processes and practices help to identify potential overview to the Board to demonstrate management events that may affect it; quantify, evaluate and manage coverage and Board oversight of significant the risks to which it is exposed (such as climate identified risks, including climate change. This change); and provide reasonable assurance regarding overview outlines RenaissanceRe’s procedures for the achievement of corporate objectives. the identification, measurement of, response to and reporting of risks, and progress against strategic For each identified and measured risk, it has identified: plans and goals of the year. • a day-to-day owner and management response; • a process for monitoring and reporting on the risk; • a senior management committee; and • Board and/or committee oversight. RenaissanceRe believes that this risk management process, along with its culture and focus on ERM, ensures effective oversight of climate change risk by its Board. RenaissanceRe has been progressively integrating the consideration of the financial risk of climate change into its governance frameworks, risk management processes, and business strategies over the past several years. The Board maintains three principal standing committees: the Audit Committee, the Corporate Governance and Human Capital Management Committee (formerly the Compensation and Corporate Governance Committee), and the Investment and Risk Management Committee. During 2021, RenaissanceRe formalized its Board committees’ oversight of ESG matters (including climate change) within its charters. Climate change was identified as a key financial risk overseen by the Investment and Risk Management Committee Page 3

Principle 1 - Be Accountable (continued) Risk Management Process BOARD • The Board is responsible for overseeing enterprise-wide risk management and is actively involved in the monitoring of risks that could affect us. • The members of the Board have direct access to, and receive regular reports from, the senior executives and other officers responsible for coordinating enterprise-wide risk management, including our Chief Financial Officer, Group Chief Risk Officer, Group Chief Underwriting Officer, and Group General Counsel, each of whom reports directly to our Chief Executive Officer, as well as other senior personnel such as our Chief Investment Officer, Chief Accounting Officer, Chief Human Resources Officer, Head of Internal Audit, Chief Compliance Officer, Chief Technology Officer, Corporate Information Security Officer and Corporate Actuary. • The Board delegates certain of its risk management responsibilities to its committees as set forth in the committee charters. • The Non-Executive Chair of the Board participates in meetings of each committee from time to time on an ex officio basis and monitors the identification of risks or other matters that might require cross-committee coordination and collaboration or the attention of the full Board. COMMITTEES • Each committee regularly receives and discusses materials from the other committees, and we believe this allows the directors to be aware of the various risks across the Company. • Each committee performs a comprehensive annual self-assessment as part of the Board’s overall governance effectiveness review and assessment, which reflects the committees’ evaluation of our corporate risk management practices and, if applicable, the identification of potential new oversight needs in light of changes in our strategy, operations or business environment. • Each committee considers the self-assessment and identified new oversight needs when conducting their annual charter reviews and recommending changes to the charters, such as those adopted in 2021. Key Risks Overseen Audit Committee Governance and Investment and Risk Human Capital Committee Management Committee • Financial statements integrity • Executive and employee • Enterprise-wide risk and reporting compensation management framework • Cybersecurity and business • Succession planning • Investment strategies and risk limits continuity (executive and director) • Key financial, non-operational • Legal, regulatory and • DEI, employee development, risk or exposures (including compliance CSR and similar ESG matters climate risk) • Tax compliance • Governance structure and • Insurance risk processes • Capital and liquidity requirements • Shareholder concerns MANAGEMENT • At least annually, our Chief Risk Officer presents a comprehensive risk management overview to the Board to demonstrate management coverage and Board oversight of significant identified risks. This overview outlines our procedures for the identification and measurement of, response to, and monitoring and reporting of risk. • Management representatives from our risk, legal, regulatory, compliance, human resources, treasury, finance, investments, reserving, information security, accounting and internal audit functions: – Regularly report to the Board and each committee at quarterly scheduled sessions, including at least annually to the Governance and Human Capital Committee regarding the potential risks of our compensation policies and practices; and – Separately meet with, and are interviewed by, our committees in executive sessions. Page 4

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

Principle 2 - Incorporate climate-related issues into our strategies and investments 2.1 Evaluate the implications of climate change for business performance (including investments) and key stakeholders. RenaissanceRe’s principal economic exposures Investments arise from its coverages for natural disasters and RenaissanceRe’s primary investment objective is to catastrophes. RenaissanceRe believes (and believes make informed investment allocation decisions that the consensus view of current scientific studies preserve capital, support its business obligations, substantiates) that changes in climate conditions, and maintain its sustainable and diversified position primarily global temperatures and expected sea levels, across market sectors. To further the sustainability of have increased, and are likely to continue to increase, its investment portfolio, RenaissanceRe considers the severity and frequency of weather-related natural environmental, social and governance factors within its disasters and catastrophes relative to the historical investment strategy. RenaissanceRe considers ESG experience over the past 100 years. Accordingly, factors such as climate change to be an important RenaissanceRe has established robust global and growing influence in its investment process that processes to continually assess how climate change ultimately contributes to its assessment of value, could impact different segments of its business. sustainability and return. Management believes that RenaissanceRe considers ERM to be a key strategic incorporating these factors into its analysis makes objective and believes that its ERM processes and RenaissanceRe better positioned to identify attractive practices help to identify potential events that may and sustainable investment opportunities while also affect it; quantify, evaluate and manage the risks helping to identify potential long term downside risks to which it is exposed (such as climate change); related to ESG considerations such as climate and and provide reasonable assurance regarding the carbon transition readiness. achievement of corporate objectives. RenaissanceRe’s embedment of climate change risk understanding into RenaissanceRe recognizes that the relevance and the core of its corporate strategy is highlighted in the materiality of ESG-related factors such as climate ‘Message from the Chair’ section of its 2020 Annual change can vary across asset classes and sectors. In Report, page 8: order to further the incorporation of ESG factors and principles and to enhance its process for identifying, “An equally important role of the Board is overseeing assessing and prioritizing climate change risk, the sustainability of RenaissanceRe’s strategy, RenaissanceRe engaged third party provider MSCI stewardship of capital, and our responsibility to in 2020. MSCI conducts analysis to highlight climate our customers. Another year of elevated hurricane change and others ESG-related risks within investment activity, wildfires and severe convective storms portfolios, providing data insights such as carbon continued to demonstrate the impact of climate intensity to inform future investment decisions. change. Management and the team of scientists RenaissanceRe embeds relevant ESG considerations at RenaissanceRe Risk Sciences worked closely into the processes through which it selects and oversees with the Board to explain the industry-leading third-party investment managers, giving consideration research they have conducted as well as their ability to the robustness of third-party managers’ approaches to incorporate their results into the Company’s to managing ESG risk (including climate change) catastrophe modeling. No doubt, climate change is in the broader context of their ability to deliver on an important issue for the entire world, but it is one RenaissanceRe’s investment objectives. When engaging that the Board is confident the Company understands a third-party investment manager. and is proactively addressing”. RenaissanceRe conducts group-wide analysis of the RenaissanceRe generally considers the following topics: financial risks of climate change across its business, • ESG Strategy & Oversight (including membership working with representatives from investments, risk, of UN PRI); underwriting, facilities, IT and strategy functions to review • ESG Integration & Analysis; current activities and assess the financial risks arising • ESG Governance & Engagement; from the group’s operations. This continuous assessment • Climate Change Risk Oversight (including allows RenaissanceRe to identify operational areas reporting against the TCFD); and where the development of data, techniques and • Commitment to Diversity, Equity & Inclusion. processes could enhance its risk understanding. Page 6

Principle 2 - Incorporate climate-related issues into our strategies and investments (continued) In addition to integrating ESG considerations into Hurricane Irma prompted RenaissanceRe to perform, the appointment of third-party investment managers, in conjunction with several partner companies, a following their initial engagement, RenaissanceRe detailed review of the nature of the claims made as a continues to oversee and assess ESG factors. result of that and subsequent events. More generally For example, RenaissanceRe may review their RenaissanceRe’s team of scientists at RenaissanceRe methodologies for the identification and management Risk Sciences has been tracking the impact of climate of ESG risk and their policies and track records with change and expanding urban development on both regard to stewardship and engagement. Reference tornado/hail and wildfire risk over the last several sub-principle 3.1 for details of RenaissanceRe’s years. The recent history of California wildfire events, measurement and disclosure of climate-related risks in and particularly the extreme outbreaks during 2017 its asset portfolio. and 2018, are being used to validate, and where necessary inform, RenaissanceRe’s representation of Underwriting this risk. RenaissanceRe believes that the reinsurance industry UK Specific Activity generally, and RenaissanceRe specifically, has an important role to play in keeping climate-impacted Many of the Company’s regulated operating risks such as wildfire insurable, particularly as climate subsidiaries including RenaissanceRe Syndicate change continues to amplify the risk of natural Management Ltd. (“RSML”), the managing agent for catastrophes. RenaissanceRe seeks to do this in two the Company’s Lloyd’s syndicate, conduct an Own ways: channeling risk away from those to whom it is Risk and Solvency Assessment (“ORSA”). The ORSA is harmful and toward the capital that is best capable of an internal assessment process which is embedded bearing it; and accurately quantifying and maximally in the strategic decisions of RSML. It represents diversifying that risk. This should result in the transfer RSML’s opinion of the risks, overall solvency needs, of well-priced components of risk to willing investors and own funds held. The overall goal of the ORSA is who are paid sufficiently to bear it (and - critically - to to provide a mechanism through which RSML’s board continue doing so after a loss). RenaissanceRe’s of directors is able to assess the risks faced and the corporate strategy involves matching desirable risk level of economic capital required to meet the strategic with efficient capital through the application of its objectives of the business. RSML’s board of directors three competitive advantages: Superior Customer is responsible for the review, challenge and approval Relationships, Superior Risk Selection and Superior of the ORSA. The process enables RSML to match its Capital Management. own funds to its risk profile. Any strategic decision that may affect the risk profile and/or own funds position of Consistent with this framework, RenaissanceRe has RSML is considered through the ORSA process before taken various measures to mitigate losses related such a decision is taken. The annual frequency of the to climate change through its underwriting process ORSA submission is deemed proportionate to RSML’s and by continuously monitoring and adjusting its risk current risk profile and the likely volatility of its overall management models to reflect the higher level of risk solvency needs relative to its capital position. that it thinks will persist. RenaissanceRe’s internal team of scientists at RenaissanceRe Risk Sciences RSML was also invited to take part in the Bank of Inc. (“RenaissanceRe Risk Sciences”) builds nuanced England’s Climate Biennial Exploratory Scenario views for climate change’s impact on a range of (“CBES”) testing, which aims to understand the perils. Each risk is classified using a framework for challenges faced by companies in trying to quantify, understanding climate impacts. Across this framework, understand and mitigate their climate exposure. RenaissanceRe recognizes that each region-peril The CBES process for scenario modeling involves combination is categorized to highlight relative input from the majority of RenaissanceRe’s business differences in the urgency and likelihood of material functions and requires an assessment of physical and changes in the risk. transition financial costs under three scenarios. These scenarios outline how countries will transition to net RenaissanceRe periodically reviews the estimates zero emissions global economies by 2050. and assumptions that are reflected in its internal analysis tools, driven either by new hazard science Reference sub-principles 5.1 and 5.2 for further and understanding or by experience of loss events. information on RenaissanceRe’s leadership and For example, the movement in cedant loss estimates collaboration efforts in relation to climate awareness seen across the market in the months following and adaptation. Page 7

Principle 2 - Incorporate climate-related issues into our strategies and investments (continued) 2.2 Measure and disclose the implications of climate-related issues for business performance (including investments) and key stakeholders. RenaissanceRe believes that understanding and Reference sub-principle 3.1 for details of pricing for climate change is critical to the long-term RenaissanceRe’s measurement and disclosure of sustainability of the (re)insurance industry. This is not just climate-related risks in its asset portfolio. the case for hurricanes, but also for precipitation events, Underwriting flooding risk and wildfire frequency and severity. In each of these phenomena, RenaissanceRe believes there is a need to focus on physical simulations, applying • Assessment: RenaissanceRe leverages multiple numerical modeling techniques instead of past data sources to conduct research into various approaches that are solely informed by historical data. risks and is continually updating its data universe to measure the implications of climate change. The team of scientists, meteorologists, and engineers Through its risk management framework, at RenaissanceRe Risk Sciences works closely with RenaissanceRe identifies areas of the portfolio that RenaissanceRe’s underwriters and risk managers are exposed to enhanced physical, transition or to build proprietary catastrophe models that capture liability risk that require additional analysis. the physics and future impact of climate change. • Impact Analysis: As described in sub-principle 2.1, RenaissanceRe’s proprietary analyses can lead to large the RenaissanceRe’s Risk Sciences team segments differences in its understanding of this risk compared to the impact of natural catastrophe perils to isolate others. For example, the RenaissanceRe Risk Sciences the impact of climate change. Risks are continually team’s view of risk of Northern California wildfires relative tracked and updated for those perils. For natural to leading vendor models is heavily differentiated catastrophes, the team has developed an innovative due to climate change. RenaissanceRe believes the approach to managing the physical risks of climate reinsurance industry can be a force for positive social change which tracks the scientific data for various change through its role in ameliorating the impact of perils. The team critically reviews data with a focus climate change and encouraging reductions in the on identifying material perils where most scientific negative externalities it imposes. By pricing for climate thought suggests a current or future shift in the change, RenaissanceRe reinforces what it believes physical hazard and alters its risk view accordingly. is a need to think differently about climate risk and • Claims Notifications: RenaissanceRe’s claims encourage prevention and protection against its impact. systems track climate notifications to provide further RenaissanceRe has several initiatives to track key insight into exposures and emerging trends related quantitative and qualitative metrics to measure and manage to climate-related litigation. climate risk across the various business functions, including: Investments • Embedding: RenaissanceRe engages with external vendors to continually develop its approach to ESG investing. • Financing the Transition to a Low-carbon Economy: RenaissanceRe’s investments team continues to seek new opportunities to decarbonize its portfolio, including becoming a seed investor in BlackRock’s U.S. Carbon Transition Readiness Fund in 2021, which was the largest ETF ever launched. • Exclusions: RenaissanceRe has put in place selective exclusions on companies that can have a harmful impact on the environment or a negative impact from a broader ESG perspective. • Intensity Assessment: RenaissanceRe utilizes MSCI’s Climate Metrics tool to assess the carbon intensity of its portfolio, allowing it to identify carbon hotspots to inform future decision-making. • Scenarios: RenaissanceRe utilizes MSCI’s Climate Value at Risk (“CVaR”) tool to assess climate risk under various scenarios. Page 8

Principle 2 - Incorporate climate-related issues into our strategies and investments (continued) 2.3 Incorporate the material outcomes of climate risk scenarios into business (and investment) decision making. RenaissanceRe believes that scenario analysis The scenarios focus on predicted outcomes based can be an effective tool to help size the financial on different future paths of governments’ climate risks of climate change. Scenario analysis requires policies. Each scenario is assumed to take place over assumptions about climate physical and transition the period 2021–50 and the exercise considers two variables that impact different company functions and routes to net zero greenhouse gas emissions: an Early exposures; these assumptions are about economic Action Scenario and a Late Action Scenario, as well a and sectoral impacts over time and require various no-further action scenario. data sets to provide accurate output. Reference sub-principle 3.1 for further details of RenaissanceRe uses stress tests of risk RenaissanceRe’s use of Climate Value-at Risk to representations, ceded decisions and capital conduct scenario analysis on its asset portfolio. adequacy to help understand uncertainty within its models and impact on key risk metrics, which RenaissanceRe believes will drive better informed risk decisions. RenaissanceRe laid the foundations for comprehensive climate change scenario analysis through its continuous monitoring and analysis of natural perils using its framework for understanding climate impacts. The framework considers the potential impacts of climate variables such as temperature rise, sea-level rise, extreme heat or precipitation levels and considers a range of outcomes for various economies, industrial sectors and climate variables. As referenced in sub-principle 2.1, RSML was also invited to take part in the Bank of England’s CBES to quantify, understand and mitigate climate exposure. The CBES uses three scenarios to explore the two key risks from climate change: • the risks that arise as the economy moves from being carbon-intensive to net zero emissions (transition risks) • risks associated with the higher global temperatures likely to result from taking no further policy action (physical risks) Page 9

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Principle 3 - Lead in the identification, understanding and management of climate risk 3.1 Ensure processes for identifying, assessing, and managing climate-related risks and opportunities are integrated within the organization (including investments). One important aspect of RenaissanceRe’s corporate RenaissanceRe’s underwriters and risk managers purpose is the role the Company plays in helping work closely with the internal team of scientists at facilitate the world’s transition to a lower-carbon RenaissanceRe Risk Sciences to build nuanced views economy. Anthropogenic climate change is both an for climate change’s impact on a range of perils. Each existential threat to the planet and an imminent risk to risk is classified using a framework for understanding the industry, and RenaissanceRe believes that it bears climate impacts. Across this framework, RenaissanceRe the responsibility of being part of the solution. As a recognizes that each region-peril combination is reinsurance company, there are three primary means categorized to highlight relative differences in the through which RenaissanceRe can help effectuate urgency and likelihood of material changes in the risk. transition to a lower-carbon world: RenaissanceRe’s framework consists of four key • as an asset owner; categories that are used to classify each risk: • through its business operations; and • as an underwriter of risk. RISK CLASSIFICATION FRAMEWORK 1. Uncertain Evolution (Current View Remains): RenaissanceRe has made significant strides in Where there is no evidence of future impact or the decarbonizing its investment portfolio while also using it impact is very uncertain. to facilitate the transition to a low-carbon world. Utilizing its 2. Future Change (Material to Risk): investment portfolio to promote a low-carbon future furthers Where research points to future change, a timeline RenaissanceRe’s purpose of protecting communities and is created to track when impacts are expected to enabling prosperity, while also supporting its vision of be material for that peril, whilst monitoring trends in being the best underwriter by helping reduce long-term observations to calibrate the risk view appropriately. climate risk to its business. See Principle 4 for detailed information regarding RenaissanceRe’s efforts in relation 3. Change Likely Occurring: to its business operations. Where change is likely occurring based on physical models but where observational data are sparse, models Underwriting are updated based on the current scientific understanding. 4. Clear Evidence of New Normal: Where perils already show the effects of climate change, physical models and observational data are used to update the view of risk, and carefully refine that view as new events provide tuning opportunities. RenaissanceRe has taken various measures to mitigate losses related to climate change through its RenaissanceRe’s risk models are evaluated and updated underwriting process and by continuously monitoring in light of its evolving understanding of micro and macro and adjusting its risk management models to reflect trends, including climate change. Over the years many the higher level of risk that it thinks will persist. Before region-peril models have been reviewed and adjusted binding a (re)insurance risk, exposure data, historical to account for changing climatology. In addition, many loss information and other risk data is gathered models have been reviewed and not adjusted if the from customers. Using a combination of proprietary science and data did not offer compelling evidence to software, underwriting experience, actuarial techniques do so. Recently reviewed region-perils where specific and engineering expertise, the exposure data is increases in risk have been implemented or are expected reviewed and augmented, as deemed appropriate. to be implemented in the near future, based upon climate RenaissanceRe uses this data as primary inputs into change considerations include U.S. hurricane, California the REMS© modeling system as a base to create risk wildfire, Australia wildfire, European Union flood, and distributions to represent the risk being evaluated. A key North American severe convective storms. advantage of RenaissanceRe’s REMS© framework is its ability to include additional perils, risks and geographic During 2022, RenaissanceRe created a new role of areas that may not be captured in commercially Global Head of Climate and Sustainability Strategy, available natural hazards risk models. As a result, responsible for designing, executing, and coordinating RenaissanceRe believes that it is able to incorporate RenaissanceRe’s climate and sustainability underwriting the risk of an increase in the frequency and severity strategy. This role will lead the development of new of natural catastrophes due to climate change more products and tools to respond to the emerging comprehensively than commercially available models. underwriting opportunities resultant from climate change. Page 10

Principle 3 - Lead in the identification, understanding and management of climate risk (continued) RenaissanceRe is also a signatory of the United RenaissanceRe engaged third party provider MSCI Nations Principles for Sustainable Insurance (“PSI”) in in 2020. MSCI conducts analysis to highlight climate partnership with the UN Environment Programme’s change and others ESG-related risks of companies, Finance Initiative and the UN Global Compact and is issuers, governments and other entities which are then committed to report against the sustainability framework. applied to the portfolio, flagging companies that are rated CCC ‘Laggards’ under the MSCI methodology, Investments as well as providing data insights such as carbon intensity to inform future investment decisions. There are two key tools that RenaissanceRe leverages to further its continued assessment and understanding of climate risk in the asset portfolio: Climate Value-at Risk RenaissanceRe considers environmental, social and and Climate Change Metrics. governance factors (including climate change) within Climate Value-at Risk is used to provide a forward- its investment strategy to further the sustainability of its looking and return-based valuation assessment to investment portfolio. RenaissanceRe has published measure climate-related risks and opportunities in an a Responsible Investment Policy which sets out how investment portfolio. The fully quantitative model offers the Company integrates its ESG strategy into the insight into how climate change could affect company construction of its investment portfolio to support the valuations, providing actionable information to evaluate achievement of RenaissanceRe’s overall objectives climate-related risks and opportunities, including alpha while managing ESG risks such a climate change and factors in low-carbon technology innovation. The tool enabling positive change. RenaissanceRe is also a offers understanding of sector-level risks found within signatory of the UN PRI in partnership with the UNEP a portfolio, as well as the potential warming trajectory Finance Initiative and the UN Global Compact and is against various scenarios, including the Paris climate committed to report against the investment framework. target. MSCI’s Climate Metrics is used to support a RenaissanceRe has a management committee that range of objectives, including measuring and reporting meets regularly and is responsible for decisions on climate risk exposure, supporting the assessment of relating to both investment allocation and manager low carbon and fossil fuel-free strategies, and factoring selection, including the consideration of impact climate change research into RenaissanceRe’s risk investing opportunities and regular reviews of data on management processes. It provides carbon intensity, climate-related risks and opportunities. The Investment carbon emissions, fossil fuel exposure, environmental and Risk Management Committee of the Board of impact (i.e. clean technology) data and screens, as well RenaissanceRe (the “IRMC”) assists the Board with as climate-related risk exposure and management oversight of RenaissanceRe’s investment activities assessment on companies such as low carbon and financial risk management. The duties and transition scores and categories. responsibilities of the IRMC, as outlined in its charter, RenaissanceRe utilizes the MSCI datasets to apply are to advise the Board on all of RenaissanceRe’s rules-based exclusions to its investment portfolio investment-related matters. Among other things, the where its analyses and judgment determine there are IRMC oversees the development, and maintenance material downside risks related to ESG. of, and compliance with, appropriate investment guidelines and objectives; RenaissanceRe’s strategic asset allocations; the performance of As such, RenaissanceRe’s investment guidelines RenaissanceRe’s investment portfolio; assisting the currently provide for the elimination of direct Board with assessing RenaissanceRe’s financial, investments in: non-operational risk management, in coordination with • companies that are classified as ‘CCC’ ESG the Audit Committee; and overseeing the processes Laggards under the MSCI methodology, since used to manage key financial risks, including risks these are deemed to present additional risk of related to climate change, liquidity, solvency margins, doing harm from an ESG perspective based on reinsurance program limits, third-party credit risk and their relatively low independent ESG rating; foreign exchange exposure. The IRMC is provided with a quarterly ESG dashboard, which includes • companies that derive more than 10% of revenues information on various ESG metrics that help them from thermal coal; and understand the ESG risks and exposure of the • corporates that have a relatively high carbon intensity Company’s investment portfolio. as measured by MSCI, since these are considered to be high carbon emitters in terms of the extent of In order to further the incorporation of ESG factors and environmental harm caused by their activities. principles and to enhance its process for identifying, assessing and prioritizing climate change risk, Page 11

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

Principle 3 - Lead in the identification, understanding and management of climate risk (continued) Insurance Development Forum - Sri Lanka Flood Model Lloyd’s Disaster Risk Facility - Redicova Through its role in the Insurance Development Forum Alongside three other Lloyd’s Disaster Risk Facility (“IDF”), RenaissanceRe was the project lead on the members, RenaissanceRe supported the launch development of a comprehensive initiative that was of an autonomous parametric insurance product to specifically aimed at lowering the barrier to risk enable communities to rebuild quickly following natural understanding in the face of natural disasters. The Sri disasters in the face of climate change. The product will Lanka Flood Model, which was the first probabilistic initially be available in Northern Australia to help close flood model for the country, helps analyze potential the protection gap for small to medium businesses flood losses to provide greater understanding of risk and agricultural enterprises. By collaborating with to both the impacted communities and the broader the Australian Bureau of Meteorology, Redicova uses international reinsurance market. RenaissanceRe’s operational tracking maps which follow cyclones and Group Chief Risk Officer commented, plot their journey when they reach land. Due to the parametric nature of the policy, the new product will “One of our founding tenets is improving the pay out immediately when ‘Very Destructive Winds’ understanding of natural hazard risk through robust are identified as a result of a ‘Severe Tropical Cyclone’ catastrophe models”, he added “We hope our occurring at an insured location. RenaissanceRe’s efforts to improve analysis of risks like Sri Lankan involvement in the development and execution of floods will help to enhance disaster risk financing this new product aligns closely with two core areas of and community resilience in low and middle- its ESG strategy: Promoting Climate Resilience and income countries while lowering barriers to high- Closing the Protection Gap. quality hazard and risk information”. Page 13

Principle 4 - Reduce the environmental impact of our business 4.1. Encourage our suppliers to improve the environmental sustainability of their products and services and understand the implications these have on our business. RenaissanceRe is committed to being a trusted RenaissanceRe has also published an partner to its stakeholders and is proud of the Environmental Policy on its external website long-term relationships that it has fostered with outlining its commitment to a long-term, sustainable its customers, investors, suppliers, employees, approach to protecting the environment. and communities. RenaissanceRe maintains and builds this trust by striving to operate to the highest The Policy outlines that RenaissanceRe looks standards of honesty and business conduct, for effective ways to minimize its impact on grounded in its core values that include Integrity the environment, monitoring and analyzing its and Respect. Correspondingly, RenaissanceRe has operations and facilities to determine how it can published a Code of Vendor Conduct to reinforce be more efficient and environmentally friendly. its core values and share its expectations of any RenaissanceRe’s activities include replacing individual or entity providing a service to, for, or on equipment and technology with more efficient behalf of, the company. RenaissanceRe expects its versions, identifying and implementing measures vendors to demonstrate their commitment to ethical, to reduce waste and conserve natural resources, human, socially responsible and legally compliant and conducting assessments with utility providers business practices by: and vendors to better understand and consider its environmental impact. Acting with integrity and conducting ethical • business practices; • Complying with all applicable laws and regulations; and • Informing RenaissanceRe of any issues as they occur. 4.2. Disclose our Scope 1, Scope 2 and Scope 3 Greenhouse Gas (“GHG”) emissions using a globally recognized standard. RenaissanceRe has actively tracked its operational carbon footprint since 2019 in an effort to understand its operational sustainability and identify opportunities to manage its impact. In 2021, RenaissanceRe expanded its GHG inventory to include additional emission sources from fuel consumption (electricity, gas and diesel) and business travel. 2021 ENVIRONMENTAL SUSTAINABILITY SNAPSHOT* GHG Emissions Environmental Stewardship Consumption 52 1,701 Yes Yes 2,424 1,271 Global scope 1 Global scope 2 Business- Educating Total Energy Total Energy GHG emissions GHG emissions wide recycling employees on ESG consumption in consumption in data (metric tons CO e) (metric tons CO e) programme (Y/N) initiatives (Y/N) offices (in MWh) centres (in MWh) 2 2 1,753 3,918 Yes 13,715 13,118 Global scope 1+2 Global scope 3 Reducing carbon impact of operations Total fuel Total gas 3 GHG emissions GHG emissions with site-specific efforts (Y/N) consumed (in litres) consumed (in m ) (metric tons CO e) (metric tons CO e) 2 2 * The figures above represent the Company’s estimates for 2021 as of December 31, 2021. These estimates are based upon information currently available to the Company, and actual figures may vary from these estimates. Definitions for scope 1, 2 and 3 emissions are outlined below. The Company’s calculations follow the World Resources Institute/ World Business Council for Sustainable Development (WRI/ WBCSD) Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, Revised Edition (the “GHG Protocol”). The Company utilizes the GHG Protocol for all definitions, assumptions, and calculations for Scope 1 and 2 GHG emissions and energy consumption discussed in this document unless explicitly stated otherwise. Page 14

Principle 4 - Reduce the environmental impact of our business (continued) 1 RenaissanceRe is committed to minimizing its impact tons carbon dioxide equivalent (MtCO2e) in 2021. on the environment by exercising best-practice This equates to a reduction of 74% in the carbon standards of resource management across its offices intensity per full time employee compared to and operations. Multiple factors, including the Covid-19 2019. As a company within the financial services pandemic, have contributed to significant reductions sector, business travel continues to be a significant in overall GHG emissions compared to 2019 – the contributor to the Company’s overall carbon footprint. Company’s baseline year. RenaissanceRe has thus enhanced its data collection capacity through its online expenditure system, in Overall, RenaissanceRe has reduced its total estimated order to accurately collect and monitor all travel data GHG emissions from its operations by 69% compared and support data-driven reduction strategies. to 2019, producing gross emissions of 5,671 metric TOTAL OPERATIONAL CARBON FOOTPRINT, 2019 - 2021 20000 16000 e2 O s C 12000 n Scope 1 o c T 8000 Scope 2 i r t Scope 3 e M 4000 0 2019 2020 2021 1 Based on the company’s estimates for 2021 as of December 31, 2021. Appendix A discloses RenaissanceRe’s operational environmental performance, including GHG emissions and their relative performance compared to our 2019 baseline year (page 28). 2 https://www.compareyourfootprint.com/ Scope 1 emissions estimates were calculated using Carbon Finance internal Company logs of fixed asset use; scope 2 In 2020, RenaissanceRe engaged a third-party emissions estimates were calculated using receipts provider to offset its operational carbon emissions. received from energy service providers for all Company RenaissanceRe chose to purchase offsets in excess offices and data centers; and scope 3 emissions of its calculated operational footprint. RenaissanceRe estimates were calculated from total expenditure has been proactive in sharing this carbon financing on business travel, which includes road, rail and air with key external stakeholders to promote the methods transportation. As a Bermuda-headquartered Company, by which companies can reduce global emissions certain global corporate air travel costs were allocated and increase community resilience in the face of to RenaissanceRe’s headquarters. climate change. RenaissanceRe recognizes that this Gross emissions have been calculated in accordance is a positive first step, providing a foundation for further with the GHG Protocol, through a location-based opportunities to manage its impact in the future. process using “Compare Your Footprint.”2 As indicated by the GHG Protocol, improvements in both The three projects it supported are detailed as follows: the quality and inventory of GHG data have triggered a recalculation of GHG emissions for 2019. Therefore, RenaissanceRe’s present GHG emissions were calculated using historical data from 1 January 2019 • Rainforest Protection in Sierra Leone to 31 December 2021. The Gola Rainforest in south-east Sierra Leone is one of the world’s most important biodiversity hotspots. This project is working with local communities to protect the forest through agroforestry, education and health programs Page 15

Principle 4 - Reduce the environmental impact of our business (continued) • Reforestation in Kenya • Afforestation in Chile This community-led reforestation project uses This project supports communities in Chile advanced technologies to plant trees, cut to restore degraded land through innovative carbon, tackle poverty and empower women biotechnologies, which increase biomass growth and communities in planted trees by up to 119% 4.3. Measure and seek to reduce the environmental impacts of the internal operations and physical assets under our control. Although RenaissanceRe has not set fixed targets Global Green Group for greenhouse gas emissions reductions at this RenaissanceRe developed an internal Global Green stage, it is proactively seeking innovative methods Group (“GGG”) which focuses on identifying and to reduce the environmental impact of its physical advancing measures to streamline operational assets and internal operations. RenaissanceRe activities that impact the environment, with a does not own any of its buildings and is enhancing broader aim to reduce the Company’s operational its disclosures to highlight the various methods carbon footprint. The GGG brings together a by which it has improved the environmental diverse cross-section of employees from each sustainability of its offices, including the following: office who are locally responsible for collecting GHG data, implementing decarbonization • Implementation of Electric Vehicle Scheme in the UK initiatives and educating employees on progress. office to promote the use of electric & hybrid vehicles The GGG convene on a monthly basis and • Installation of electric charging stations in Bermuda provide regular updates on key developments to office to support green transport options RenaissanceRe’s senior management, including the • Installation of recycling bins across all offices to risks and opportunities relating to operational ESG encourage positive waste management management as part of a monthly ESG update. The GGG also collaborates with other groups within the • Installation of LED and automated lighting to reduce Company, such as the Climate and Sustainability energy usage Leadership Group, Corporate Social Responsibility • Removal of plastic bottles, and introduction of reusable (“CSR”) Committees and local social committees bottles to discourage single-use plastic usage to coordinate and highlight opportunities to further • Monitoring of food ordering efficiencies to reduce pursue operational sustainability initiatives. food waste • Recycling or repurposing of IT equipment to During 2022, the Company introduced a new charitable organizations performance development goal for relevant • Removal of desktop printers and replacement with employees to outline personal responsibility for multipurpose, energy-efficient shared printers upholding RenaissanceRe’s operational ESG commitments, such as working towards actively • Implementation of ‘follow-me printing’ technology to managing the Company’s carbon footprint and reduce paper waste partnering with third-party suppliers committed • Implementation of Wake-on-Lan to allow machines to decarbonization. RenaissanceRe believes that to switch off remotely to save energy ensuring recognition for its operational sustainability • Sourcing sustainable merchandise for successes is important in advancing its long-term RenaissanceRe employees and events sustainability goals. • On site bicycle parking Page 16

Principle 4 - Reduce the environmental impact of our business (continued) 4.4. Engage our employees on our commitment to address climate change, helping them to play their role in meeting this commitment in the workplace and encouraging them to make climate-informed choices outside work. RenaissanceRe proactively engages its employees In addition to the electric vehicle services referenced on the topic of climate change. RenaissanceRe’s in sub-principle 4.3, RenaissanceRe is also reviewing internal marketing team arrange education sessions pension investment funds with an aim to provide and regular communications to share information socially and environmentally focused benefit options about RenaissanceRe Risk Sciences’ view of climate to its employees. In 2021, RenaissanceRe added the risk, as well as the Company’s broader ESG efforts Vanguard FTSE Social Index Fund to the investment to Promote Climate Resilience. In 2022, to celebrate line up of its 401(k) Retirement Plan, allowing its Earth Day, all employees were invited to attend a employees to embed climate-related choices into Climate Panel which provided an overview of key their personal retirement planning. RenaissanceRe’s activities undertaken at the corporate level across Ireland and UK offices are also in the process of investments, underwriting and operations, and an reviewing alternative fund options for its employees outline of areas of focus for the future. In addition, and are utilizing the annual presentations to educate RenaissanceRe’s CSR teams hosted environmentally- its employees about how their pension fund choice focused events across each of the Company’s can have a meaningful impact. offices globally, which were complemented by daily conservation tips to help employees promote resilience and protect the planet. RenaissanceRe also leverages its generous charitable giving program to support environmental causes, including volunteering with Keep Bermuda Beautiful, who are focused on community action to draw public attention to the issue of climate change. In addition, RenaissanceRe has a long-term corporate donation to the Bermuda Institute of Ocean Sciences, who are focused among other topics on the catastrophic impact of climate change on coral reefs. RenaissanceRe leverages these corporate relationships to provide employees with updates and education sessions by external experts on key climate-related topics. Page 17

Principle 5 - Inform public policy making 5.1. Promote and actively engage in public debate on climate-related issues and the need for action. Work with policy makers locally, regionally, nationally and internationally to help them develop and maintain an economy that is resilient to climate risk. Industry Forums & Engagement 2021 The Association of Bermuda Insurers and Reinsurers (“ABIR”) • RenaissanceRe’s President and Chief Executive ABIR represents the public policy interests of Officer is the Chair of ClimateWise and Bermuda’s international insurers and reinsurers that RenaissanceRe’s VP ESG Strategy serves on the protect consumers around the world. RenaissanceRe’s ClimateWise Managing Committee SVP Underwriting & Head of Global Public Sector • RenaissanceRe is involved in The IUA Climate Risk Partnerships chairs the ABIR Climate Risk Committee Committee and the LMA’s Climate Risk Working who supports the Bermuda Business Development Group, which are both London market forums to Agency’s efforts to establish and promote Bermuda as discuss the industry response to the changing the world’s climate risk finance capital. The committee regulatory landscape around climate risk has arranged a series of webinars to provide education • Following its investment in BlackRock’s and promote public debate on climate-related topics, U.S. Carbon Transition Readiness Fund including ‘Climate Regulation & the U.S. Federal in 2021, RenaissanceRe’s Chief Financial Reserve’ with a guest speaker from the Federal Officer participated in a virtual media panel Reserve’s Board of Governors, and an overview with BlackRock, CalSTRS and Sura Asset of ‘Climate Change Liability’ from Clyde & Co’s Management to promote the Company’s views Climate Change Risk Practice. As an ABIR member, on climate change, ESG and the importance of RenaissanceRe regularly provides input in various sustainable investing methods, such as its Climate Change Survey through • RenaissanceRe is on the Advisory Board of the Bermuda Monetary Authority in 2020. the Natural Hazards Center of the University of Colorado to promote research in the climate space • RenaissanceRe also proactively shares its climate change perspective in climate questionnaires and surveys with corporate raters such as Moody’s, S&P and Fitch Federal Housing Finance Agency (“FHFA”) 2020 The FHFA was established by the Housing and • RenaissanceRe was a co-sponsor of the Aon Economic Recovery Act of 2008 and is responsible Protection Gap conference in 2020 which for the effective supervision, regulation, and housing encouraged collaboration beyond the market mission oversight of Fannie Mae, Freddie Mac (“the by working with governments, humanitarian Enterprises”) and the Federal Home Loan Bank System, organizations and NGOs to protect communities which includes the 11 Federal Home Loan Banks and before and after catastrophes, including those the Office of Finance. RenaissanceRe plays an active role impacted by significant climate risk in providing input to the FHFA to inform its view of climate • Senior members of RenaissanceRe staff risk. In 2021, RenaissanceRe provided detailed input on attend various forums including The Geneva ‘Climate and Natural Disaster Risk Management at the Association, which is an industry thinktank Regulated Entities’ to help develop its climate change that detects early ideas and emerging debates position. The FHFA requested information on the current on political, economic and societal issues and future risk of climate change and natural disasters, concerning the insurance industry, with research in addition to input on strengthening its supervision and programs including themes dealing with risk regulation of how to manage risks arising from climate management and climate change issues change and natural disasters. The request set out a series of 25 questions for commenters to consider, focused on identifying and assessing climate and natural disaster risk and enhancing FHFA’s supervisory and regulatory framework. RenaissanceRe also presented to the FHFA to outline the reinsurance perspective on climate change and its impacts on flooding. Page 18

Principle 5 - Inform public policy making (continued) The Reinsurance Association of America (“RAA”) that is damage-resistant, and through personal and RenaissanceRe is a member of the RAA, one of the corporate action to help minimize disruption to normal life leading trade associations of property and casualty and work patterns. RenaissanceRe worked closely with reinsurers doing business in the United States. the Working Group on Climate Adaptation sponsored RenaissanceRe Risk Sciences’ President chairs the by IBHS to develop the first Climate Change Adaptation RAA Extreme Events Committee, whose role is to review Principles, which have been signed by representatives of information to inform policy on extreme weather events. the property insurance industry to support the Biden- The RAA is an active advocate for reinsurance interests Harris Administration, Congress and local governments’ before state regulators and legislators, who directly efforts to enact smart climate adaptation policies. In 2021, regulate the insurance business. At the federal level, IBHS released guidelines for the “Wildfire Prepared the RAA actively lobbies on insurance and reinsurance Homes Designation”, mainly focused on California regulatory issues, engaging in a variety of activities that however eventually applicable to the balance of the U.S. serve its members and affiliates by representing their Also underway is research towards guidance for the collective interests, as well as providing information “Wildfire Prepared Community Designation” that will and analysis to audiences outside the industry. complement the Wildfire Prepared Home Designation & RenaissanceRe also serves on the RAA’s Climate offer loss reduction measures and adaptation activities Committee, which is responsible for reviewing proposals for homes and business threatened by wildfire. This from various government sources, with an aim to help leverages laboratory research and field research done by the reinsurance industry be a leader on climate issues. IBHS on wildfire hazards and vulnerability. RenaissanceRe actively contributed to the RAA Cat Risk Management Conference coordination and planning held in May of 2022 where the RenaissanceRe Risk Sciences President moderated and the RenaissanceRe Insurance Development Forum (“IDF”) Global Head of Climate and Sustainability participated in a panel on the ‘Industry response to Climate Change’. RenaissanceRe plays an active role within the IDF. The IDF initiative grew out of the climate change underpinnings of the UN Sendai Framework and aims to incorporate insurance industry risk measurement know-how into existing governmental disaster risk reduction frameworks, and build a more sustainable, Institute of Building Home Safety (“IBHS”) resilient insurance market in a world facing growing natural disaster/climate risk. RenaissanceRe has long been part of the IBHS, an insurance industry trade group that focuses on reducing RenaissanceRe co-chairs the IDF’s Risk Modeling the social and economic effects of natural disasters Steering Group (“RMSG”), which aims to expand access and other property losses by conducting research and to credible and consistent natural hazards risk data, advocating improved construction, maintenance and models, and expertise. The RMSG has been recognized preparation practices. The President of RenaissanceRe by the IDF as having a central role in the IDF’s priorities Risk Sciences has served on both the Executive on climate and natural hazard resilience. It involves Committee and the Board of IBHS. The organization approximately thirty organizations and aims to achieve works to promote resiliency from natural disasters and methods and practices which are repeatable, scalable, other property losses by developing an infrastructure and efficient, thereby reducing duplication of activity. KEY PROJECTS Partnering in the IDF / UN Providing technical risk analytics Funding the development of the Development Programme / advice to the Start Ready first probabilistic Sri Lanka flood German government Tripartite humanitarian financing facility, an model in an open-source format Agreement programme to innovative programme from Start to improve analysis of regional build insurance capability Network, a grouping of over 50 flood risks, enhance disaster in vulnerable countries. NGOs and civil society organizations. risk financing and community RenaissanceRe is a lead partner Start Ready will help communities resilience, and lower barriers to in the agreement’s Bangladesh in 8 countries anticipate imminent high-quality hazard and consortium, utilizing satellite extreme events and build resilience risk information. imagery to develop enhanced through contingent risk financing flood resilience solutions in the measures including insurance, Brahmaputra delta region. ultimately making countries less dependent on emergency aid. PPageage 1 199

Principle 5 - Inform public policy making (continued) up of a diverse membership united in favor of environmentally responsible, fiscally sound approaches to natural catastrophe policy that First Street Foundation promote public safety. The coalition has a focus on climate change and believes that the U.S. Federal The First Street Foundation is a science and government has a role in encouraging and helping technology non-profit organization dedicated to homeowners to undertake mitigation efforts to making climate risk easy to understand and actionable safeguard their homes against natural disasters. The for citizens, governments, and industry. The First coalition opposes measures that put people’s lives at Street Foundation uses transparent, peer-reviewed risk at the expense of taxpayers, such as measures methodologies to calculate current and future climate subsidizing artificially low rates for homeowners’ risks facing individual properties across the United insurance policies which may help to encourage States, empowering Americans to protect themselves construction in environmentally sensitive and unsafe and their homes. The First Street Foundation built the areas. The coalition is working to ensure that the U.S. First Street Foundation National Flood Model, the first Congress does not incentivize people to live in harm’s publicly available, peer-reviewed model to consider way in places prone to hurricanes and floods. changes in the environment in determining flood risk to individual properties. Current and future homeowners can access property-specific flood risk information, including its financial impact, through Flood Factor, a free online tool built by the Foundation. RenaissanceRe is a supporter of First Street Foundation’s initiatives, and InsuResilience in addition to licensing their high-quality flood maps to further inform its view of flood risk, RenaissanceRe Through its IDF membership, RenaissanceRe is part is partnering with First Street Foundation to work of InsuResilience, a global partnership for climate on multiple projects that look at the effect of climate and disaster risk finance and insurance solutions. change on flood and other factors across America. The vision of the InsuResilience Global Partnership is to strengthen the resilience of developing countries and to protect the lives and livelihoods of poor and vulnerable people from the impacts of disasters by enabling faster, more reliable, and cost-effective SmarterSafer responses to disasters. RenaissanceRe is a founding member of SmarterSafer, a national coalition that is made 5.2. Support and undertake research on climate change to inform our business strategies and help to protect our customers’ and other stakeholders’ interests. Where appropriate, share this research with scientists, society, business, governments and NGOs in order to advance a common interest. RenaissanceRe Risk Sciences events of 2017 that highlight the impact of climate RenaissanceRe, through its wholly owned subsidiary, change and the higher propensity for significant RenaissanceRe Risk Sciences, seeks to assist in the weather conditions as a result of climate change. understanding of natural hazards and evolving risks. RenaissanceRe Risk Sciences’ mission is to integrate science and technology to deliver meaningful business solutions for its clients, and its advanced 16 advanced scientists with, on scientists leverage its deep expertise to elevate average, 22 years’ of experience RenaissanceRe’s understanding of loss exposures and gain actionable risk intelligence. in the industry, actively working The RenaissanceRe Risk Sciences team is made up on research into 11 perils across of 16 advanced scientists with, on average, 22 years’ 3 of experience in the industry, actively working on 35 countries. research into 11 perils across 35 countries.3 The team engages actively in research of natural hazards and 3 evolving risks and released both an Insurance Insider Data as of December 31, 2021. article on US severe convective storm activity in 2012, and a paper on understanding the California Wildfire Page 20

Principle 5 - Inform public policy making (continued) RenaissanceRe Risk Sciences has close partnerships Institute of Catastrophe Risk Management (“ICRM”) with the following global scientific and mitigation RenaissanceRe’s SVP Chief Underwriting Officer in organizations to enhance its risk intelligence: Singapore served on the International Advisory Board (“IAB”) for the ICRM at Nanyang Technical University • Earthquake Engineering Research Institute in Singapore. The mission of the ICRM is multi- • Florida Coastal Monitoring Program disciplinary research projects in science, engineering, • Insurance Institute for Business & Home Safety finance, technology, economics and socio-political • National Hurricane Center aspects related to catastrophe risk and to help the • National Oceanic and Atmospheric Administration community to better understand the fundamental characteristics of risks related to natural and non- • Pacific Earthquake Engineering Research Center traditional disasters such as earthquakes, tsunamis, • Risk Management Center at the Wharton School, typhoons, volcanic eruptions, floods and droughts. University of Pennsylvania The IAB is comprised of globally leading academics, • University of Rhode Island, Graduate School of researchers and representatives from the industry, Oceanography academia, research organizations and government agencies to guide the ICRM’s strategic plans. The Natural Catastrophe Data and Analytics Reference sub-principle 5.1 for further details of Exchange (“NatCatDaX”) Alliance RenaissanceRe’s engagement in research-focused industry forums. RenaissanceRe was a founding member of the NatCatDaX Alliance, which was launched at the 7th International Symposium on Catastrophe Risk Management and is an industry-led catastrophe data and analytics platform for Asia. The Alliance is a partnership with Nanyang Technological University (Singapore’s Institute of Catastrophe Risk Management), Aon Benfield, Mitsui, Risk Management Solutions and PERILS, with support by the Monetary Authority of Singapore. The aim of the Alliance was to generate a rigorous database by tapping into national and industry data. Such high- quality data, market analytics and product innovations are currently lacking in the region, and the output of this Alliance could be used to help analyze key cities and regions within Asia to understand both the insurance exposure to a loss as well as the economic exposure more generally as a result of an event. Page 21

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Principle 6 - Support climate awareness amongst our customers/clients 6.1. Communicate our beliefs and strategy on climate-related issues to our customers and/or clients. RenaissanceRe has a long history of thought RenaissanceRe engages directly with its clients leadership on climate-related issues. Members of on a regular basis to discuss its view of risk. RenaissanceRe’s senior leadership and underwriting RenaissanceRe seeks to raise awareness among teams participated in speaking engagements at its clients, outlining the need for them to consider conferences during the 2021/22 ClimateWise reporting resilience strategies and perform climate risk period to advance the Company’s thought leadership assessments as part of their own operations. on climate resilience among its key stakeholders: RenaissanceRe’s clients enjoy unique access to its scientific team and industry-leading expertise. 2022 Based in both the U.S. and Europe, RenaissanceRe Risk Sciences’ wide-reaching data analytics are • EVP Group Chief Risk Officer - Collaboration on broad in scope, including emerging cross-portfolio Global Resilience Index with the U.K. Centre for perils like climate change and emerging risk Greening Finance and Investment amplifiers. Coupled with the insight of its underwriters, • SVP Underwriting Global Head of Climate & RenaissanceRe’s risk intelligence resources Sustainability Strategy - RAA CAT Risk Management support and inform its clients’ view of risk, helping • VP ESG Strategy - BDA/Oxbow Panel on ESG them optimize coverage against ever-changing global perils. During the 2021/22 reporting period, 2021 RenaissanceRe’s science team, led by its President of RenaissanceRe Risk Sciences, engaged with several • VP ESG Strategy - ESG Insurer Interview of RenaissanceRe’s clients and third-party capital investors to communicate the Company’s science • EVP Group Chief Risk Officer - COP26 roundtable intelligence and strategy around climate change. with the Insurance Development Forum • EVP Group Chief Risk Officer - Business of RenaissanceRe’s climate risk management position Resilience – Climate Risk and Disaster Finance is also shared with clients indirectly through its • SVP Head of Risk Oversight - Climate Risk dedicated external ESG website and corporate Committee at Lloyd’s of London LinkedIn page, which capture key highlights of • SVP Underwriting & Head of Global Public Sector ongoing activities and commitments to promote Partnerships - RIMS Climate Change Panel climate resilience. RenaissanceRe’s senior • SVP Group Chief Risk Officer - Europe, Geneva management also prioritize the communication of the Association Flood Panel Company’s climate change positioning in earnings calls, key stakeholder meetings and throughout the • SVP Underwriting & Head of Global Public Sector Company’s public filings. Partnerships - ABIR Climate Committee • President RenaissanceRe Risk Sciences, State Farm Executive Climate Change Conference • SVP Underwriting & Head of Global Public Sector Partnerships - GC Wildfire Symposium Panel • SVP Group Chief Risk Officer - Europe, Moody’s ESG and Climate Panel • EVP Group Chief Risk Officer - InsurerTV ESG Panel • President RenaissanceRe Risk Sciences - Climate Change briefing to Westfield Board of Directors Page 22

Principle 6 - Support climate awareness amongst our customers/clients (continued) 6.2. Inform our customers and/or clients of climate-related risks and provide support and tools so that they can assess their own levels of risk. RenaissanceRe views climate change as a driver of secular change, causing a material impact on all (re) insurance industry participants. It is considered of strategic importance that the magnitude of this impact is recognized throughout the market, and as such sharing research, 15 award-winning Risk Leadership Mitigation Forums data, and tools is considered of the utmost importance. Bringing clients and brokers together with scientists and As a reinsurer, RenaissanceRe’s customers are public policy makers. Among a host of topics with global predominately insurance companies, and its role relevance, the result has been the sharing of research is limited to protecting the portfolios of risk that they and approaches to the management and mitigation of choose to underwrite. Where RenaissanceRe has the changing risk from natural disasters due to climate direct influence, however, is in choosing the cedants change. The Forums have been an opportunity for it wants to work with over time, considering the nature RenaissanceRe Risk Sciences to share its own research and risk of their insurance portfolios. RenaissanceRe as well as a chance to create an “environment of believes it can best achieve this through the active exchange” so participants can share ideas and capitalize assumption of risk, which promotes the liquidity and on insights generated at each event. RenaissanceRe’s capital necessary to enable the orderly transition of latest forum in September 2021 was focused on industries, businesses and society towards a lower- ‘Protecting Communities from Climate Change’ through in- carbon future. By working with its customers and depth, results-focused discussions exploring the science brokers to enhance their understanding of the risk behind climate change, what can be expected from of anthropogenic climate change, RenaissanceRe its impact over time, and actionable ways to safeguard can help them develop transition pathways as well as communities for the future. It included a tabletop exercise products that enable transition. Ultimately, some will using Portsmouth, Virginia as a case study to establish transition more successfully and faster than others, and real-world adaptive strategies and risk mitigation solutions RenaissanceRe’s goal is to support those that develop that can be applied to vulnerable communities around and consistently execute credible and measurable the globe. During 2022, RenaissanceRe’s credit team transition plans. will lead its 16th Risk Mitigation Leadership Forum, with topics including transition risk and the role of risk transfer, RenaissanceRe believes that direct engagement with financing of renewable energy, lower carbon construction its clients is at the heart of the underwriting role and in the housing market, the impact of ESG investment helping clients to understand its risk view - including mandates, and the role of environmental risks in prudential the impact of climate change - is a key element of frameworks for financial institutions. the relationship. RenaissanceRe has a dedicated resource, its Head of Climate & Sustainability Strategy, Co-Chair of the IDF’s RMSG who leads the group initiative to educate clients and RenaissanceRe is pursuing the broad adoption of open- potential partners on its climate change perspective; source modeling tools and open-source exposure data sharing research and insight with customers globally standards. In effect, use of these tools would allow not on a regular basis. RenaissanceRe believes it is well just the insurance industry and developed economies positioned to play a positive, stewardship role in the but also developing nations to take control of their risk industry by sharing its skills and expertise with each data. This groundbreaking technology will empower risk of its stakeholders to ultimately help the world better managers across commercial, sovereign, sub-sovereign, manage climate risk. RenaissanceRe also proactively and humanitarian entities to quantify and manage the engages with its shareholders to provide dedicated impact of climate change, with consideration of their own sessions on its ESG strategy, program and reporting, local geophysical and environmental circumstances. including dedicated meetings with its VP ESG Strategy and members of RenaissanceRe Risk Sciences. Supporter of the Insurance Institute for Business & RenaissanceRe’s entrepreneurial and collaborative Home Safety (IBHS) culture extends to its ESG approach, and a key value is During 2021, RenaissanceRe worked closely with the encouraging and facilitating collaboration to generate Working Group on Climate Adaptation sponsored by IBHS solutions to the complex risks that are impacting to develop the first Climate Change Adaptation Principles, society. Below are a few examples of RenaissanceRe’s which have been signed by representatives of the efforts to partner with others to both develop property insurance industry. Ultimately, this collaborative sustainable risk mitigation solutions, and provide effort will promote climate resilience through building code tools and support to its stakeholders to enhance their improvements and greater structural integrity. climate risk understanding: Page 23

Principle 7 - Enhance Reporting 7.1. Submission against the ClimateWise Principles. This document constitutes RenaissanceRe’s submission to report against all ClimateWise sub-principles. 7.2. Public disclosure of the ClimateWise Principles as part of our annual reporting. RenaissanceRe incorporates key elements of the ClimateWise Report content within its public filings, including its Proxy Statement and Annual Report, comprising dedicated sections on climate change. RenaissanceRe’s comprehensive external ESG website also houses information regarding its climate-related activities and commitments. This report is publicly disclosed on the website. > Click here to view our Proxy Statement > Click here to view our Annual Report > Click here to view our ESG website Page 24

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Appendix Listing of RenaissanceRe’s global Scope 1, 2 and 3 definitions and emissions for 2019, 2020 and 2021 GHG Emissions (metric tonnes MtCO2e)* 2019 2020 2021 % increase on baseline (2019) Australia Scope 1 – fixed assets 0 0 0 0% Scope 2 – purchased gas and electricity 14 13 7 -53% Scope 3 – air and ground travel (incl. rail) 155 68 1 -99% Total gross emissions (all scopes) 169 81 7 -96% Bermuda Scope 1 – fixed assets 20 46 52 162% Scope 2 – purchased gas and electricity 912 785 786 -14% Scope 3 – air and ground travel (incl. rail) 7101 4371 3162 -55% Total gross emissions (all scopes) 8033 5202 4001 -50% Ireland Scope 1 – fixed assets 0 0 0 0% Scope 2 – purchased gas and electricity 437 399 443 1% Scope 3 – air and ground travel (incl. rail) 849 250 80 -91% Total gross emissions (all scopes) 1286 648 523 -59% Singapore Scope 1 – fixed assets 0 0 0 0% Scope 2 – purchased gas and electricity 13 12 12 -8% Scope 3 – air and ground travel (incl. rail) 508 267 39 -92% Total gross emissions (all scopes) 521 279 51 -90% Switzerland Scope 1 – fixed assets 0 0 0 0% Scope 2 – purchased gas and electricity 1 1 1 5% Scope 3 – air and ground travel (incl. rail) 457 75 38 -92% Total gross emissions (all scopes) 458 76 40 -91% Scope 1 – fixed assets 0 0 0 0% United Kingdom Scope 2 – purchased gas and electricity 92 74 96 4% Scope 3 – air and ground travel (incl. rail) 4567 918 329 -93% Total gross emissions (all scopes) 4659 992 425 -91% United States Scope 1 – fixed assets 0 0 0 0% Scope 2 – purchased gas and electricity 398 363 356 -10% Scope 3 – air and ground travel (incl. rail) 2723 924 269 -90% Total gross emissions (all scopes) 3120 1288 626 -80% Global Scope 1 – fixed assets 20 46 52 162% Operations Scope 2 – purchased gas and electricity 1867 1647 1701 -9% Scope 3 – air and ground travel (incl. rail) 16361 6873 3918 -76% Total gross emissions (all scopes) 18248 8565 5671 -69% *The figures above represent the Company’s estimates of GHG emissions as of December 31, 2021. These estimates are based upon information currently available to the Company, and actual figures may vary from these estimates. Fixed assets include RenaissanceRe’s corporate vessel and back-up generator (scope 1). Purchased gas and electricity includes the gas and electricity consumed across RenaissanceRe’s offices and external data centres (scope 2). Air and ground travel includes all ground, rail and air transportation including executive travel (scope 3). The Company’s calculations follow the World Resources Institute/ World Business Council for Sustainable Development (WRI/WBCSD) Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, Revised Edition (the “GHG Protocol”). The Company utilizes the GHG Protocol for all definitions, assumptions, and calculations for Scope 1 and 2 GHG emissions and energy consumption discussed in this document unless explicitly stated otherwise. Page 25

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