Committed to sustainable growth and creating positive impact

Addressing climate risk in the legacy market

As an acquirer of legacy insurance business from other insurance carriers, the Group does not write new insurance risks and there is a reliance upon the original underwriter to have set an appropriate risk appetite when accepting the initial risk.

For each acquisition a detailed due diligence process is undertaken including a risk assessment on sustainability risk to understand any potential exposures within the portfolio. At the acquisition stage this risk is mitigated through pricing, reserving, and re-insurance. If the acquisition is successful, the portfolio is then subject to ongoing monitoring of sustainability exposures as part of our existing risk management processes.

The Sustainable Development Goals were adopted by all United Nations Member States in 2015 and provide a comprehensive framework to address the world’s most pressing economic, social, and environmental issues. They comprise 17 interconnected goals with 169 targets which aim to eradicate poverty, promote prosperity and ensure environmental sustainability by 2030.

RiverStone International recognises that aligning our ESG strategy to global frameworks will foster inclusive growth and social equity. We believe this collective impact working towards a common goal with government, civil society and business is more powerful than individual action. Although we recognise the importance of all 17 goals, we are committed to action against 3 goals where we as a business can have the most impact.

The Group monitors and reports its operational emissions for scope 1, 2 and partial scope 3 emissions which are generated from our UK offices, and transportation in line with requirements for SECR and ESOS.

RiverStone International have reported all of our emission sources under the Companies Act 2006 (Strategic Report and Director’s Reports) Regulations 2013 as required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors are taken from the UK Government’s GHG Conversion Factors for Company Reporting 2023.

Because we operate within leased buildings we have limited control over any emissions and energy savings actions we can take in our offices. Despite this, RiverStone International is still committed to reducing the impact of our operations and of further energy, water savings and improved waste management where possible. As such, we continue to engage with our landlords to encourage the increased uptake of renewable energy, and implementation.

The Group is always looking for new ways to reduce our impact and have implemented the following initiatives:

• Cycle to work scheme.
• Reduced printers in our offices.
• Recycling food waste.
• Reduced plastics from employee events, sourcing local and sustainable products.
• Collecting old technology in our offices to donate to local charities for reuse, recycling.
• Our environmental resource group leads awareness raising initiatives to share the small actions we can all take to reduce our impact for a larger collective impact. Campaigns include:
  • Veganuary campaign to raise awareness of the positive environmental impacts of reducing the use of animal products.
  • Plastic Free July litter picking across our UK, Ireland and Bermuda offices.

Actions to offset calculated emissions

As well as taking actions to reduce our impact, we offset our reported emissions through social impact projects that support our three Sustainable Development Goals: Good Health and Wellbeing; Gender Equality; and Climate Action.

These projects reduce emissions while improving the health and livelihoods of those most affected by and least responsible for climate change. By supporting high-quality solar energy systems in rural India and improving the way households around the world cook and access clean drinking water, we can cut emissions and avoid a major cause of deforestation which is the unsustainable demand for wood fuel for cooking and boiling unsafe drinking water.

Responsible Investing

As asset owners we recognise the importance of integrating ESG factors into our investment process, as they are critical to the long-term value of the assets to which they apply. We have developed a clear Responsible Investment Policy that outlines our commitment to responsible investment. The Group Investment Committee has oversight of the policy which supports and enables our responsible investment approach.

RiverStone has carefully selected Asset Managers who are instructed to actively integrate ESG factors into their security selection according to our responsible investment policy. Additionally, all asset managers for in-scope assets are expected to be signatories to the UN Principles for Responsible Investment to ensure our approach is consistent with a globally recognised framework. We are signed up to these principles since 2024.

In addition to working with Asset Managers who directly embed ESG risks and opportunities in their process, we have our own screens and exclusions and actively track the Carbon Intensity of the portfolio, setting a baseline in 2023. We also commit to consider impact investing and to the advocacy of responsible investment within the insurance industry.

Building a positive workplace, one that is diverse and inclusive is important because it means we can all do our best work. It allows everyone to use their knowledge and skills to contribute to the success of the business while achieving their full career potential without unnecessary barriers. In our 2023 Employee Engagement Survey, 87% of our associates responded that they ‘can be themselves’ at work.

RiverStone International’s aim is for Diversity, Equity and Inclusion to be woven into everything we do, supported by leaders owning and driving this agenda. Inclusion across all communities is important and the Group is particularly focused on gender, ethnicity, and social mobility.

Recent initiatives

• Supporting associates through the Lloyd’s Market Association (LMA) Women’s Leadership development programme.
• A new Family Leave policy in the UK, increasing the period of paid leave offered for new parents.
• Working with The Brokerage social mobility charity to support interns and hire new associates.
• Working with our Diversity, Equity and Inclusion network to increase the role they play and to promote DEI to new joiners.

Employee Voice

We don’t underestimate the task at hand to embed sustainable practice throughout the organisation, and we realise our biggest chance of success is to engage our people at all levels in the business and work collaboratively together to achieve our goals. We do this through our ESG Steering Group and our employee networks. We have three networks which champion the needs for diversity, equity and inclusion, mental health and wellbeing, and the environment. These groups each align to one of our three supported sustainable development goals. 

Employee networks provide an opportunity for the employee voice to be amplified and heard across the organisation. Importantly, they also offer a platform for individuals from all backgrounds to come together and discuss issues that are important to them or affect them and the communities in which they live. Our curious approach to learning and growing together to improve our workplace, our local communities, and the environment around us offer an inclusive culture where every individual is able to thrive.

Health and Wellbeing

Our people and their wellbeing are core to our success. We were delighted to be recognised as one of the UK’s Best Workplaces™ for Wellbeing in 2023, and 83% of our employees report in our Employee Engagement Survey that RiverStone International actively promotes mental and physical health.

RiverStone International offers excellent health and wellbeing benefits including:

• Mental Health First Aider (MHFA) network to complement the range of wellbeing benefits we already have in place.
• Running webinars to raise awareness and support key social topics such as mental health, International Women’s Day and Black History Month.
• Hosted information sessions regarding financial wellbeing and pensions.
• Implemented the Cycle to Work scheme (UK).
• Health and wellbeing allowance monthly to all employees.
• Free access to the headspace app and resources.
• Company funded counselling sessions and Employee Assistance Programme.

Supporting Our Communities

We empower our people to improve lives in their local communities through our volunteering programme and charitable giving triple match programme. Each employee is encouraged to use up to 2 paid volunteer days per year to make a positive contribution to local charities, communities and the environment. RiverStone International supports charitable giving in a manner that instils pride in what we do within our communities, this includes:

• Running a triple matching scheme whereby employee donations to UK registered charities are triple matched up to a per person donation limit of £1,000 per annum.
• Supporting a number of annual national charity initiatives as well as employees undertaking charity events.
• Donating to local schools nominated by our people.
• Annual Corporate Charity Donation, which goes to charities nominated each year by our employees across our office locations.