ESG at PartnerRe

PartnerRe 2021 Environmental, Social, Governance (ESG) Report

The ESG landscape continues to evolve at a fast pace and we are proud here to share our 2021 ESG Report with our stakeholders. PartnerRe continues to demonstrate our commitment to ESG by embedding best practices as part of our business.  This is reinforced through our ESG Policy and the activities and initiatives that we are actively implementing – the specific steps that we’ve taken can be found in our Report.

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Our Environmental, Social, Governance Policy

PartnerRe is committed to fulfilling our ambition of being a responsible corporate citizen while balancing profitability with effective risk management and a prudent investment policy, which ultimately benefits all of our stakeholders, including our shareholder, clients, capital providers, employees and our local communities. Our ESG mission and initiatives focus on improving society and helping to manage climate risks in a continually evolving landscape.  This mission embraces our Company values of Integrity, Performance, Collaboration, Straightforward Communication, Respect and Care.

To put PartnerRe’s ESG mission into effect, we have adopted the following ESG goals: (1) good business conduct, ethics and governance, (2) managing the impacts of climate change across liabilities, assets and our corporate operations to build global resilience, (3) community support and wellness and (4) diversity and inclusion.

Good Business Conduct, Ethics and Governance

Good corporate governance is essential to effective and prudent management of risks and to ensure value preservation through ethics and integrity and safeguard a sustainable future for our stakeholders. The Board of Directors of PartnerRe Ltd. currently consists of six directors, four of whom are independent. The Board has established an Audit Committee, an Investment Committee and an Underwriting and Risk Committee and each committee is responsible for contributing toward our ESG mission and evolving as we continue our ESG journey. Each member of the Company’s Executive Leadership Team (ELT) is committed to our ESG mission and ESG goals are reflected in each person’s key performance indicators and is a factor in remuneration schemes. One member of the ELT has been selected as executive sponsor of the Company’s implementation of ESG activities.

Our Code of Business Conduct and Ethics (Code) sets out the high standards of behavior and the strong ethical foundation on which PartnerRe is built. The Code applies to all directors, officers and employees and is adopted by the Audit Committee of PartnerRe Ltd. It is revisited each year to ensure that our business practices comply with our standards, the evolving legal requirements and for each of us to commit to transform our words into meaningful actions that shape our culture and reputation.

For PartnerRe’s Modern Slavery Act Transparency Statement click here.

Managing the Impacts of Climate Change

The global and regional climate has changed and will continue to change as a result of human activities. As a reinsurer, PartnerRe’s business is directly and indirectly affected by climate change.

PartnerRe is committed to understanding the risks from climate change and to quantifying their impact on our business. We follow the scientific community (Inter-governmental Panel on Climate Change, IPCC) consensus as input to our monitoring and management of climate change risk throughout the Company. We consider the potential effects of climate change within our enterprise risk management (ERM) framework, which contemplates strategic, reinsurance, financial market and credit, emerging, reputational and operational risks.  Annually, the ERM policies are reviewed and adjusted in accordance with an evolving understanding of climate risks, thereby fostering responsible behaviors and informed risk-taking.

PartnerRe has adapted its underwriting guidelines and its investment guidelines to account for ESG considerations. As examples, the Specialty Property Mining Underwriting Guidelines include specific coal-related restrictions on facultative business and the Investments Operating Guidelines include specific restrictions on investments in issuers that generate certain revenues from thermal coal and are involved in the development and proliferation of controversial weapons.

As a member of many local communities, PartnerRe strives to reduce our environmental impact by decreasing our carbon footprint, improving energy efficiency, increasing use of renewable resources and sharing and leveraging best practices across offices.

Community Support and Wellness

We give back to our local communities and encourage employees to actively participate by providing support to local charitable organizations or branches of national/international organizations. We align our corporate giving with employee participation, dollar matching for employees’ charitable giving as well as disaster relief.

If your organization would like to partner with us, please reach out to the contact in one of these PartnerRe locations:

We value the wellbeing, growth and development of our employees.  For example, we offer all employees access to a Global Employee Assistance Program that provides a continuum of care across all aspects of health and wellbeing and a customized Stay Fit program aimed at developing awareness about healthy work-life habits and building resilience. Our commitment to learning and development is supported by ReMind, our dedicated platform, enabling employees to take hold of their own growth and development.

Diversity & Inclusion

Companies with an inclusive culture and a higher degree of diversity across all levels are better at making business decisions. Such an environment also makes for better employees because it creates a workplace for everyone to succeed, learn and grow.

For PartnerRe, that means consciously hiring and advancing people from all kinds of backgrounds, with a diverse range of identities, at every level of the organization.  We have the systems in place and a culture of inclusion where every employee feels welcomed and respected to perform at their best.

Over the next few years, we are determined to build on our momentum in increasing diversity and inclusion at PartnerRe through the following commitment:

  1. We will work towards increased representation of all employee groups in executive and senior management roles and people management roles.
  2. We will make sure all employees regardless of ethnicity, background, religion, sexual orientation, nationality and gender have an equal opportunity to grow and progress at PartnerRe.
  3. We will promote a culture of inclusivity where employees can share their thoughts openly and have the conversations that are needed to make PartnerRe a place where employees can be themselves and where all ideas and experiences are encouraged and welcomed. Employees are expected to invest time in acquiring and developing knowledge either through corporate-led initiatives or self-paced training every year.
  4. We will hold ourselves accountable by developing clear objectives and measuring our progress.

French Gender Equality Index

In France, PartnerRe annually calculates its score on the Gender Equality Index which has been implemented by the French government to reduce the pay gap between men and women. This index score is based on the following indicators:

  • Gap in pay between women and men
  • Gap in distribution of pay raises between women and men
  • Percentage of women given pay raises upon their return from maternity leave
  • Number of women and men among the 10 highest paid employees

For 2020, the score of PartnerRe’s French branch is 90/100.

2020-2021 Partnerships & Initiatives

Environment

Native Energy and the Swiss Climate Foundation

As a company invested in the future, environmental sustainability is important to us. Our sustainability partners, Native Energy and the Swiss Climate Foundation, help us in our efforts. We look to Native Energy to offset carbon emissions related to some of our business operations, while Swiss Climate Foundation helps us to support small and medium enterprises on the forefront of energy efficiency and climate protection.

Climate change

The global and regional climate has changed and will continue to change as a result of human activities. As a reinsurer, PartnerRe’s business is directly and indirectly affected by climate change.

PartnerRe is committed to understanding the risks from natural catastrophes and climate change, and to quantifying their impact on our business. We follow the scientific community (Inter-governmental Panel on Climate Change, IPCC) consensus as input to our monitoring and management of climate change risk throughout the Company.

Carbon Cutting Challenge

PartnerRe employees took part in a virtual Carbon Cutting Challenge in a collective effort to reduce our carbon footprint.  The challenge highlighted how making a few small lifestyle changes could benefit the environment.

We pulled together as a community across our 19 offices worldwide, making an impact and showing we can make a difference, together.

Worldwide results:

  • 28,660 lbs. (13,000 kg) of Co2 emissions eliminated
  • 30,380 gal (115,000 L) of water saved
  • 1,565 lbs. (710 kg) of waste diverted

Congratulations to our Latin America office team for winning the PartnerRe Carbon Cutting Challenge!  To celebrate, we donated to Saving the Amazon, an NGO fighting the climate crisis by planting trees with local indigenous communities. Our contribution will go towards the planting of 580 tress, adding to the 115,000+ that the NGO has already planted in the region.

Celebrating Earth Day

PartnerRe is committed to reducing our carbon footprint and has offset our 2020 operational emissions through our support of the Haiti Clean Water Project which provides clean drinking water to those in need. Our sustainability partner, Native Energy, is the Public Benefit Corporation responsible for developing the project and they have shared the following: “PartnerRe offsets the emission associated with their 2020 operations by supporting the Haiti Clean Water Project, bringing immediate relief as well as long-term support to the people of Haiti.”

We are proud to support this important initiative and help improve the quality of life for the local Haitian communities.

Society

Relief Efforts

PartnerRe and its employees have donated more than $550,000 to COVID-19 relief efforts worldwide as part of the Company’s commitment to being responsible corporate citizens.

Separately, PartnerRe donated a total of $30,000 in aid of the California wildfires and $30,000 to support disaster recover in Beirut.

For further information about ESG at PartnerRe, please contact us at ESG@partnerre.com

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