RenaissanceRe Holdings Ltd. Responsible Investment Policy Integrating ESG Into Our Investment Practices SECTION II - Our Responsible Investment Policy: ESG Integration Introduction Exclusions We integrate ESG factors into our investment process We apply rules-based exclusions to our investment using different approaches, including: portfolio where our analyses and judgment determine there are material downside risks related to ESG. As • Leveraging MSCI’s ESG data to consider the such, our investment guidelines currently provide for potential environmental, social and governance the elimination of direct investments in: impact of our current investments and potential future investments; • Educating our investments team on the impact of • companies that are classified as ‘CCC’ ESG changing ESG conditions (including regulatory Laggards under the MSCI methodology, since these trends) on our investments through internal and are deemed to present additional risk of doing harm external ESG insights; and from an ESG perspective based on their relatively low • Developing our internal approach to ESG reporting independent ESG rating; and analyses • companies that derive more than 10% of revenues from thermal coal; and • corporates that have a relatively high carbon intensity ESG Risk Integration in Investment Decision Making as measured by MSCI, since these are considered As noted above, we believe that it is important that we to be high carbon emitters in terms of the extent of seek to understand and consider material ESG risks environmental harm caused by their activities. when making investment decisions. Our Investment Allocation Committee oversees both our strategic We continue to assess and review our investment asset allocation and the positioning of our investment exclusions and we expect them to evolve over time. portfolio. Among other things, they and the investments team receive regular reports setting out some key Third-Party Manager Selection / Mandate Setting metrics which are indicative of the ESG risk exposure in our investment portfolio. These metrics include, where We embed relevant ESG considerations into available from MSCI: the processes through which we select and oversee third-party investment managers, giving consideration to the robustness of third-party • A breakdown of our investment portfolio holdings by managers’ approaches to managing ESG risk in the overall MSCI ESG rating; the broader context of their ability to deliver on • An ESG rating comparison to benchmark data; RenaissanceRe’s investment objectives. When • Absolute and relative exposure to: we engage a third-party investment manager, we – Sectors which are considered to be of higher ESG generally consider the following topics: risk (including coal, oil & gas, and tobacco); – Sectors which are considered to be of lower ESG risk • ESG Strategy & Oversight (including membership (including renewable and alternative energy); of UN PRI); – ESG labelled investment products (including • ESG Integration & Analysis; Green, Pandemic, Sustainability and Social • ESG Governance & Engagement; Impact bonds); and • Climate Change Risk Oversight (including – Carbon Intensity metrics on the portfolio. reporting against the Task Force on Climate- Related Financial Disclosures, “TCFD”); and These metrics are used to support our investment • Commitment to Diversity, Equity & Inclusion. risk monitoring, including implementation of exclusion policies, identification of higher risk holdings and monitoring of the ESG risk and impact attributes of our investment portfolio. We intend to continue developing the ESG analytics we use to monitor ESG risks in our portfolio.