Bermuda-based Everest Re Group 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, which aim to provide better management of environmental, social, and governance (ESG) issues and strengthen the insurance industry’s contribution to building a resilient, inclusive, and sustainable society.
The signatories have pledged 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 a regular disclosure of progress in implementing the principles.
Everest has also become one of 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.
Juan Andrade, Everest President and CEO commented: “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.”