RenaissanceRe Holdings Ltd. Responsible Investment Policy Integrating ESG Into Our Investment Practices SECTION III - Governance & Reporting Oversight and Corporate Governance under these principles provides a detailed, industry- We have an integrated approach to ESG governance, specific insight into the management of climate change with cross-collaboration among the RenaissanceRe risks and opportunities. As a signatory to the UN PRI, Board of Directors (the “Board”), its committees and we will also submit additional information relating management. Our Board and its committees are actively to our responsible investment activities within our engaged in the oversight of environmental, social and transparency report on an annual basis. governance initiatives and our management provides regular reports on progress and developments to In addition, many of RenaissanceRe’s policies (available ensure effective oversight. The Board maintains three on our dedicated ESG website) address key ESG-related principal standing committees: the Audit Committee, the topics. These include our: Corporate Governance and Human Capital Management Committee, and the Investment and Risk Management • Code of Ethics & Conduct Committee (the “IRMC”). Oversight of certain ESG matters • Corporate Governance Guidelines is delegated to the standing committees pursuant to their • Code of Vendor Conduct charters, which are available on our website. • Modern Slavery Statement • Equal Opportunities Statement Internal Reporting • Environmental Policy The IRMC assists the Board with oversight of • Human & Labor Rights Policy RenaissanceRe’s investment activities and financial risk management. This includes overseeing our investment Independent Verification strategies, performance and risk management. The IRMC is provided with a quarterly ESG dashboard, As a global insurer, a number of rating agencies which includes information on various ESG metrics that evaluate the effectiveness of our risk management and help them understand the ESG risks and exposure of our governance practices, including our approach to our investment portfolio. environmental and social risks. The rating agencies that rate us on these matters include: The Investment Allocation Committee is comprised of senior members of our executive management • AM Best; team and senior investment team professionals. It is • Standard & Poor’s; responsible for decisions relating to both investment • Moody’s Investors Service; and allocation and third-party investment manager • Fitch. selection and monitoring, including the consideration of impact investing opportunities and regular reviews of For example, the AM Best methodology states that data on ESG-related risks and opportunities. “understanding and integrating ESG principles into External Reporting & ESG Policies strategy is becoming increasingly important for insurers… Insurers play a unique role within ESG as risk carriers, Additional information regarding RenaissanceRe’s ESG 1 risks, opportunities and governance are discussed in asset managers and institutional investors.” AM Best’s detail in our public filings, such as our Annual Report on analysis includes identifying the impact of climate risk Form 10-K and Proxy Statement, and on our dedicated on insurers’ credit ratings, through an in depth review of ESG website. These disclosures include discussions balance sheet strength (including potential liabilities and of environmental and climate change matters, asset risk), operating performance, business profile and Board oversight of ESG, and the assessment of ESG enterprise risk management. Fitch, as part of their credit factors as they relate to our executive compensation ratings assessment, assign ESG scores that determine programs, among other things. RenaissanceRe’s senior how relevant ESG issues are to the overall credit rating. management also prioritize the communication of our Moody’s Investors Service have published their ESG climate change positioning in earnings calls and other methodology which introduces ESG Issuer Profile key stakeholder meetings. (IPS) and Credit Impact Scores (CIS) for rated financial institutions like RenaissanceRe. The scores are part of Through our ClimateWise membership, we also Moody’s commitment to demonstrate the systematic report annually on our actions in response to climate and transparent incorporation of material ESG issues change in a dedicated report, which is aligned with the into credit ratings. Finally, S&P’s ratings framework Task Force for Climate-related Financial Disclosures includes “governance” as a key credit consideration (“TCFD”). RenaissanceRe’s annual TCFD reporting within the broader ratings assessment. 1 Best’s Credit Rating Methodology, November 2020.