Bermuda-based re/insurance firm RenaissanceRe has formed an alliance with Moody’s Analytics to benchmark the environmental effect of risks in its underwriting offering.
The partnership will see the integration of Moody’s sustainability and financial data along with models and analytics with RenaissanceRe’s expertise in underwriting and the climate sector.
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It also represents the first collaboration of Moody’s to offer its sustainability capabilities to a reinsurer’s treaty books.
The alliance will deliver a clear benchmarking approach across counterparties and multiple categories of risk.
Moody’s Analytics president Stephen Tulenko said: “As the insurance industry faces new sustainability challenges such as climate-driven physical risks and the transition to a low-carbon economy, there is an increasing need for data, models, and analytics to assess the associated risks in their underwriting portfolios.
“We are excited about collaborating with an innovative industry expert like RenaissanceRe as we enhance our underwriting solutions and provide a consistent view of risk across the value chain.”
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By GlobalDataMoody’s currently helps business leaders with different financial intelligence and analytical solutions.
RenaissanceRe Europe chief underwriting officer and climate and sustainability underwriting strategy global head Cathal Carr said: “As managers of complex risks, the reinsurance industry is uniquely positioned to protect communities and businesses against the impact of a changing climate.
“RenaissanceRe is proud to work with a leading global integrated risk assessment firm like Moody’s and looks forward to bringing our 30 years of climate expertise to such an important focus area for the industry.
“The framework will help us support our clients in navigating the journey to a lower carbon economy while advancing our opportunities to provide risk-taking capacity through this transition.”
In April 2022, RenaissanceRe announced the establishment of a joint venture with Fontana and its subsidiaries.
