RenaissanceRe Holdings Ltd. Responsible Investment Policy Integrating ESG Into Our Investment Practices SECTION IV - Positive Action Sustainability and Impact RenaissanceRe considers climate change to be an In parallel with the steps taken to further the important and growing influence in our investment sustainability of our investment portfolio, we are process, and we believe that it will ultimately contribute considering the role that investments with specific to our assessment of value, sustainability and return. positive impact objectives may have in our portfolio We recognize that the relevance and materiality of by analyzing the performance, liquidity and real- ESG-related factors such as climate change can vary world outcomes of existing and potential future across asset classes and sectors and are committed investments in: to further developing our understanding of the climate risk in our investment portfolio. Our investments team • sectors such as renewables, forestry and has access to unique insights of our RenaissanceRe infrastructure which improves resilience to climate Risk Sciences team, which could be used to inform change; our consideration of individual impact investing • asset classes such as bonds labelled as impact, opportunities in the future. Members of both the transition, green, sustainable or sustainability-linked RenaissanceRe Risk Sciences and investments and aligned to recognized standards (such as, but teams also make up part of a diverse group of not limited to the Green Bond / Sustainability Bond representatives in RenaissanceRe’s internal, cross- principles as set out by the ICMA, ESMA and the functional Climate Change Working Group, which is Climate Bond Initiative); and responsible for the consideration and co-ordination of • other impact products (for example equity funds) climate change activities across the Company. which align to appropriate recognized standards such as the IFC Operating Principles for Impact Management. Climate Change We embed the first pillar of our ESG strategy, Promoting Climate Resilience, into our corporate strategy through the identification and management 2 www.un.org/sustainabledevelopment/climate-change of climate-related issues and opportunities. The steps we have taken to proactively decarbonize our investment portfolio further this strategic ESG objective and are directly aligned with UN Sustainable Development Goal 13 to “take urgent action to combat climate change and its impacts”.2 They include: • Reducing the carbon intensity of our corporate credit and equity portfolios by 70% from October 2020 to December 2021 (as measured by MSCI); • Enhancing our investment guidelines to provide for the elimination of direct investments in the areas outlined in Section II;; • Enhancing our reporting of climate risks and opportunities within investments in line with the Task Force on Climate-related Financial Disclosures as part of our annual ClimateWise submission; and • Becoming a seed investor in BlackRock’s US Carbon Transition Readiness ETF to steward companies to transition to a low carbon future.