The chief executive officer (CEO) of Bermuda-based re/insurer RenaissanceRe’s managing agency has unveiled plans to step down at the end of the year.
Richard Murphy, who has served as CEO of RenaissanceRe Syndicate Management (RSM) and its successors since its formation in 2002, will retire from the position and be appointed chairman of the board.
Hugh Brennan, currently RSM’s finance director, will take up the role of CEO in 2016.
“We want to thank Richard for bringing his deep expertise in the Lloyd’s market to our Syndicate since our founding, and are delighted he will continue as chairman of RSM,” said Kevin O’Donnell, CEO of RenaissanceRe.
“Hugh is an ideal successor as he brings many years of global finance experience to the role, and has been a valued part of our team in both our Bermuda and London platforms.
“Our Syndicate has developed into a meaningful franchise of RenaissanceRe and enhances our ability to serve clients, and to match risk and capital on a global basis. I am pleased that we have established a strong presence in the market due to the investments we have made in people, technology and infrastructure.”
RenaissanceRe, RenaissanceRe Syndicate Management, Richard Murphy, Kevin O’Donnell, Bermuda