Everest Signs the UN Principles for Sustainable Insurance

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01/25/2022 - 04:15 PM

HAMILTON, Bermuda--(BUSINESS WIRE)-- Everest Re Group, Ltd. (“Everest”) announced today that it has become an official signatory of the UN Principles for Sustainable Insurance (“PSI”), 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 is one of 12 Bermuda or North American-based insurance sector companies to sign on to the UN Principles that ensure better management of environmental, social, and governance (“ESG”) issues and strengthen the insurance industry’s contribution to building a resilient, inclusive, and sustainable society.

“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,” said Juan C. Andrade, Everest President and CEO. “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.”

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 was among the earliest Bermuda-based (re)insurers to become a signatory to the United Nations-supported Principles for Responsible Investment (“PRI”), the world’s leading proponent of responsible investment. As a result, nearly 79 percent of Everest’s total assets are managed by other UN-PRI members, including approximately 94 percent of its fixed-income assets, which comprise the majority of the company’s investment portfolio.

Everest’s 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 U.S. 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.

For more information about the UN Principles for Sustainable Insurance, visit: https://www.unepfi.org/psi/.

About Everest Re Group, Ltd.

Everest Re Group, Ltd. (NYSE:RE) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories. Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world. Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.