Peter Durhager has joined the Somers Ltd board of directors.

The financial-services holding company that owns Bermuda Commercial Bank also announced in a filing with the Bermuda Stock Exchange today that Duncan Saville is to retire from the board next year.

Mr Durhager is chairman of Ascendant Group, owner of Belco, as well as a non-executive director of Harrington Re and F&G Re.

He was previously the president of Renaissance Services Ltd from March 2004 until December 2014.

He also served as chief administrative officer of RenaissanceRe Holdings Ltd from June 2003 until December 2014.

Mr Durhager has founded and run a number of financial and telecommunications businesses and has worked in the banking sector.

He was the chairman of America’s Cup Bermuda and is the chairman of the Bermuda Community Foundation.

Mr Durhager holds a bachelor’s degree in philosophy from Transylvania University in Lexington, Kentucky.

Mr Saville has served on the Somers board since the company’s incorporation in 2012. He will be retiring from the board at Somers’ next AGM in February 2019. Mr Saville will remain chairman of the company’s investment adviser, ICM Ltd.

Warren McLeland, chairman of Somers said of Mr Durhager’s appointment: “With his wealth of experience in the financial and reinsurance sectors, he brings a different skill set which will strengthen the board as we look to the future.”