Reinsurer signs UN Principles for Sustainable Insurance
Everest Re Group Ltd, the Bermudian-based global re/insurer, has become an official signatory of the UN Principles for Sustainable Insurance, a global framework for a sustainable insurance industry developed through partnership between risk-management leaders and the United Nations Environment Programme Finance Initiative.
The company said it is one of 12 Bermudian or North American-based insurance sector companies to sign on to the UN principles that ensure better management of environmental, social and governance issues and strengthen the insurance industry’s contribution to building a resilient, inclusive and sustainable society.
Juan C. Andrade, Everest president and CEO, said: “Everest is proud to be a signatory to the UN Principles for Sustainable Insurance and advance a responsible, inclusive culture that is governed by our purpose and values.
“Today’s risk management landscape is dynamic, complex and increasingly interconnected. We need more innovation across the entire value chain to meaningfully address climate change. Everest is committed to providing sustainable risk solutions that enable greater progress on this important issue.”
The company said signatories of the Principles for Sustainable Insurance pledge to focus on embedding ESG into company strategy and risk-management procedures, as well as working with clients, suppliers, regulators, governments and other key stakeholders to build awareness and drive action on ESG issues. PSI signatories also commit to regular disclosure of progress in implementing the principles.
In addition to the PSI, Everest said, it was among the earliest Bermudian-based re/insurers to become a signatory to the United Nations-supported Principles for Responsible Investment, the world’s leading proponent of responsible investment.
As a result, nearly 79 per cent of Everest’s total assets are managed by other UN-PRI members, including approximately 94 per cent of its fixed-income assets, which comprise the majority of the company’s investment portfolio.
Everest said its commitment to the PSI reflects the company’s recognition of the impact of climate change on the global environment and its stated goal of achieving a zero-emissions workplace across all global offices by 2050.
The company’s new US headquarters in Warren, New Jersey, achieved LEED Silver status in October 2021 and will report further progress in its comprehensive Corporate Responsibility Report to be issued later this year, it said.