INTRODUCTION PROMOTING CLIMATE RESILIENCE CLOSING THE PROTECTION GAP INDUCING POSITIVE SOCIETAL CHANGE GOVERNANCE APPENDIX Climate Expertise Utilizing our climate-related expertise to enhance climate-risk and transition-plan management Climate Risk Integration Transition Benchmarking We recognize the important role the reinsurance industry plays As a reinsurer, we understand the importance of assessing the impact of in maintaining insurability of climate-impacted risks like wildfires, our underwriting activities while also recognizing the challenges due to especially as we expect natural catastrophes to intensify due to climate the complexity and long-term nature of risks, as well as limited access to change. As such, we utilize our climate-related expertise to help us complete information. To address this challenge, we plan to benchmark better understand the climate risk that we assume to make informed the environmental impact of certain risks within our underwriting underwriting decisions and effectively manage our exposure. portfolio, considering three factors – counterparty, treaty exposure and product purpose, and have recently commenced collaborations with partners such as Moody’s in support of these efforts. RRRS: Our RRRS team builds a climate-adjusted view of various perils Counterparty: An assessment of the extent to which the using a framework for understanding climate impacts, recognizing counterparty, (re)insurance client, embeds environmental each region-peril combination’s relative differences in the urgency and considerations in its value chain. likelihood of material changes in the risk. © REMS : We implement our own view of risk through our proprietary software, Renaissance Exposure Management System (REMS© Treaty exposure: An environmental assessment of the ). This enables us to create unique risk distributions and incorporate perils, underlying economic industry sectors facilitated by the risks, and areas not included in commercially available natural hazards provision of contingent risk capital. risk models. Risk Ramp: We proactively conduct research to identify the long-term impacts of climate change across various regions and hazards and Product purpose: An assessment of the sustainability integrate this into our current view of risk. By doing so, we intend to better impact generated by the product or instrument itself in understand the changes in risk under various scenario pathways for supporting the transition to a sustainable future. different climate perils. We are proud to work with Moody’s Analytics, a leading global integrated risk assessment firm, to benchmark the environmental impact of risks within our underwriting portfolio. Our collaboration marks the first time Moody’s sustainability capabilities will be applied to a reinsurer’s treaty books, with the aim of providing a transparent benchmarking approach across counterparties and diverse risk classes. We look forward to bringing our 30 years of climate expertise to such an important focus area for the industry. See ClimateWise TCFD Report for more information on our risk management process 15