Torsten Jeworrek

About Torsten Jeworrek

Torsten Jeworrek, age 63, is an independent Class I director of RenaissanceRe Holdings Ltd. (RNR) who joined the board in 2023; he serves on the Investment and Risk Management Committee and the Standing Committee, bringing deep underwriting, risk management, and data/actuarial expertise from a senior career at Munich Re . The board has affirmatively determined his independence under NYSE and Company standards; he attended at least 75% of board and committee meetings in 2024, consistent with all directors .

Past Roles

External Roles

Board Governance

• Committee assignments: Member, Investment and Risk Management Committee (IRMC); Member, Standing Committee (strategic transactions and offerings authority) .
• Independence: Board determined Jeworrek is independent (with detailed independence screening across directors) .
• Attendance and engagement: Board met 4 times; each principal committee met 4 times; Standing Committee met once in 2024; all directors attended ≥75% of meetings; executive sessions held quarterly .
• Board structure: Classified board with independent Non-Executive Chair; cross-committee collaboration on risk and sustainability; IRMC oversees enterprise financial risks including climate .

Fixed Compensation

Additional program terms:

• Non-employee director equity grants (~$165k; Chair ~ $315k) vest over 3 years; accelerate on board separation unless departure for cause .
• Annual cash: Non-Executive Chair retainer $190k; standard non-employee director retainer $125k; committee chair retainer $35k .
• Cap: Non-employee director total annual cash + equity ≤ $1,500,000 under 2016 LTI Plan .

Performance Compensation

• Directors do not receive performance-based equity (no PSUs or options); director equity is time-vested restricted shares only, with dividends paid currently on time-vested restricted shares .
• Therefore, no performance metric table applies to director compensation; performance metrics in the proxy apply to executives, not directors .

Other Directorships & Interlocks

• Compensation committee interlocks: Governance & Human Capital Committee (CG&H) comprised of Bushnell (D), Klehm (Chair), Trudell; no interlocks or related-party transactions requiring disclosure; Jeworrek is not on CG&H .

Expertise & Qualifications

• Underwriting and risk management leadership across global reinsurance; strong data analytics and actuarial knowledge; oversight experience in climate-related risk and innovation domains .
• IRMC remit aligns with his skills: investment strategy oversight, risk limits, financial risk (liquidity, capital, FX, climate), insurance risks .

Equity Ownership

Ownership alignment and policies:

• Director ownership guideline: 5× annual cash retainer (value of common shares incl. vested/unvested restricted); as of Dec 31, 2024 all independent directors met guidelines except Jeworrek and Mester due to recent appointments, yet both are in compliance (no requirement to purchase in open market to meet guideline) .
• Anti-hedging and anti-pledging: Directors prohibited from hedging, pledging, margin loans, and short sales; trading constrained to window periods or 10b5-1 plans .

Governance Assessment

• Board effectiveness: Jeworrek’s IRMC role positions him at the center of financial and insurance risk oversight, including climate risk governance—an area aligned with his Munich Re background. His participation on the streamlined Standing Committee (with full authority for certain transactions and offerings) signals board trust in judgment on strategic capital deployment and M&A/offerings execution .
• Independence and conflicts: No related-party transactions or conflict disclosures involving Jeworrek; independence affirmed after scrutiny of broader director relationships (Citigroup, GuideOne, EGL/Coralisle) that did not involve him .
• Attendance and engagement: Meets attendance thresholds; board maintains quarterly executive sessions and robust cross-committee reporting—supports independent oversight quality .
• Director pay alignment: Balanced cash retainer and multi-year restricted share grants create long-term alignment; equity ownership guideline is rigorous at 5× retainer, with compliant pathway for newer directors like Jeworrek .
• Company say-on-pay signal: 72% support in 2024; board responded with enhanced disclosure, affirmed limits on one-time awards, and simplified annual bonus metrics—indicates responsiveness and compensation governance discipline that supports investor confidence in overall board oversight climate .

RED FLAGS:

• None identified for Jeworrek: no pledging/hedging, no related-party transactions, no low attendance, no compensation anomalies in director program .

Committee Snapshot (for context):

• IRMC members: Hennes (Chair), Jeworrek, Mester—overseeing investment strategies, risk limits, financial and insurance risks, including climate risk .
• Standing Committee: Jeworrek, Gibbons, O’Donnell (Chair)—authority for strategic transactions and offerings; created/streamlined in 2024 .
• Meeting cadence: Board 4; Audit 4; CG&H 4; IRMC 4; Standing 1; all directors ≥75% attendance .