Bermuda reinsurer RenaissanceRe Holdings Ltd. yesterday announced Jeffrey Kelly will take over as its chief financial officer, effective July 6.

Mr. Kelly will succeed Fred Donner, who is leaving the company for personal reasons to return to the US.

Mr. Kelly, 55, formerly served as CFO of National City Corporation from 2000 until his retirement from the company in 2008. Mr. Kelly had also served in the additional post of vice-chairman from 2004. Mr. Kelly is a member of the board of directors of The Progressive Corporation, where he serves as chairman of the Investment and Capital committee.

RenRe CEO Neill Currie said: "Fred has been a valued member of our team for the past three years, leading the further development of our accounting, control and financial reporting functions, expanding the talent and expertise of our finance function, and providing important input into our strategic growth plans. We thank Fred for his contributions to RenaissanceRe and wish him well.

"Jeff brings RenaissanceRe a wealth of experience from a nearly 30-year career at one of the United States' largest diversified financial institutions, serving in its most senior finance role until his retirement last year.

"His experience at National City includes responsibility for several of its core banking businesses, large staff groups and for many years, managing its interest rate and market risk management activities."

Mr. Kelly, who will be based in Bermuda, will also join the Company's Executive Committee. Mr. Donner will serve as an adviser to RenRe through the end of September to help with the transition of responsibilities.