Kevin O’Donnell, the president and CEO of Bermudian-based reinsurer RenaissanceRe, has accepted the role of chair of Climate Wise.

Acting in partnership with the University of Cambridge Institute for Sustainability Leadership, Climate Wise brings together reinsurers, insurers, brokers and industry service providers to promote a systematic response to climate change across the financial system.

Mr O’Donnell said: “Climate change is one of the most complex challenges faced by the world, and our business. As a reinsurer, we believe that we play an important role in managing climate risk while helping facilitate the transition to a lower-carbon economy.

“I am honoured to chair Climate Wise and look forward to working with leaders across our industry and the University of Cambridge to strengthen our collective response to this important issue.”

Renaissance Re has made several key appointments that advance its environmental, social, and governance (ESG) strategy and further the company’s understanding of climate risk.

The company said its purpose was to protect communities and enable prosperity, which was reflected in an ESG strategy centred on promoting climate resilience, closing the protection gap, and inducing positive societal change.

Harriet James has been promoted to VP, ESG strategy within the corporate strategy team, responsible for managing and progressing RenaissanceRe’s ESG strategy across the company, including identifying and managing ESG priorities and driving the development of new sustainability initiatives.

Cathal Carr, SVP, underwriting, has been named global head of climate and sustainability strategy, responsible for designing, executing and co-ordinating RenaissanceRe’s climate and sustainability underwriting strategy across both property and casualty and specialty segments. This includes leading the development of new products and tools to respond to emerging underwriting opportunities.

Jeffrey Manson, SVP, underwriting and head of global public sector partnerships, will report to Mr Carr and manage public sector partnerships, with a focus on responding to climate change and reducing the protection gap in emerging risk classes.

Mr O’Donnell added: “I am pleased with the progress we have made furthering our ESG strategy.

“This is an area of focus for all of our stakeholders, including many of our employees, and I look forward to the passion and contributions that Harriet, Cathal and Jeff will bring to this critical part of our business.

“I am confident that they will continue to progress RenaissanceRe’s role as a positive force for change.”