Client Advisory Spotlight Oliver Wyman worked with Everen, a mutual property insurer and the largest insurer of energy assets in the world, to develop a five-year strategic plan to better serve its members in light of evolving energy and insurance markets. The strategic review confirmed Everen as one of the leaders in renewable and alternative energy technologies, and repositioned the insurer with new energy sub-sectors while continuing to maintain cornerstone support for the traditional assets of existing Encouraging the transition to a low-carbon economy members. A critical component of the strategic plan included changing Global decarbonization efforts need to accelerate if we are to avoid the most catastrophic consequences the mutual’s name and branding of climate change. Current actions and commitments fall short of reaching the 2015 Paris Agreement goal from Oil Insurance Limited (OIL) to of limiting global warming to well below 1.5°C. As the industry leader in risk management solutions, Everen to better reflect the changing Marsh McLennan is working to accelerate renewable energy initiatives. mix of their insured assets and its commitment to the long-term future of the energy sector. Innovating on Carbon Accounting Facilitating carbon capture payments Oliver Wyman’s 3D carbon accounting service In September 2022, Marsh introduced the Carbon allows companies to quantify and understand their Credit Payment Program that gives US clients the emissions, plan net zero strategies, and monitor opportunity to pay their Marsh service fees in performance. As emerging legislation makes voluntary carbon offset credits and renewable energy reporting scope 3 carbon emissions mandatory, certificates (RECs). The program is believed to be a the Oliver Wyman service offers a best-in-class first-of-its-kind in the financial services industry, and approach that solves this complex challenge. is part of Marsh’s commitment to help accelerate the energy transition from traditional energy sources to The system comes with hundreds of thousands renewables and to recognize clients pursuing and of emissions parameters already pre-integrated, exceeding net-zero carbon emission goals. and also includes an extensive library of abatement actions, such as the emissions impact, cost uplift Under the payment program, US Marsh clients can and timing of each action. opt to pay for US insurance broking or risk advisory services by transferring agreed upon voluntary carbon offset credits and RECs to a key corporate banking partner via a registry account. Only offsets and RECs that adhere to the highest standards and have rigorous oversight will be considered. Overview Environment Social Governance Appendix 2022 ESG REPORT 22