RenaissanceRe Holdings Ltd’s Peter Durhager is to step down as chief administrative officer (CAO), while Jeff Kelly is to become chief operating officer (COO), the Bermuda reinsurer said today.

A press release making the announcement stated that Mr Durhager has decided to step down as executive vice-president (EVP) and CAO, and that Mr Kelly, the company’s executive vice-president and chief financial officer (CFO), will become COO while maintaining his existing responsibilities. The changes will be effective on December 31.

Kevin O’Donnell, chief executive officer (CEO), said: “Our entire team is grateful to Peter for all he has accomplished over his more than ten years at RenaissanceRe. He has continually raised the bar on our operations functions and systems, which I believe are now key competitive advantages for our company.

“We are pleased that Peter has agreed to serve in an advisory capacity at RenaissanceRe into the next year, even as he focuses on his family, his intense involvement in the economic development of Bermuda, his corporate directorships and other pursuits.”

Mr Durhager is the chairman of Ascendant Group, which owns Bermuda’s power provider Belco. In June it was reported that he is also a director of KeyTech Ltd, chairman of the Bermuda Community Foundation and serves on the advisory board of the Centre on Philanthropy. Mr Durhager is co-chair of Bermuda First and a member of the Young Presidents Organisation.

Mr O’Donnell added: “Jeff has significantly enhanced our financial and strategic planning functions since joining us as chief financial officer in 2009, and his input and insight as a member of our executive team have contributed meaningfully to our ongoing success. We look forward to his contributions in his expanded role, as we position RenaissanceRe for future growth, innovation and success.”

As COO, Mr Kelly will be responsible for oversight of the company’s “global shared services functions”, said the release, which includes human resources and organisational development, marketing, operations, information technology and administration, according to the release.

Before joining RenaissanceRe as EVP and CFO, Mr. Kelly served as CFO of National City Corporation, a position he held from 2000 until his retirement in 2008, and was named vice-chairman of the company in 2004. Mr Kelly serves as a member of the board of directors of The Progressive Corporation.

He earned a bachelor’s degree in business administration from Ohio State University and a master’s degree in economics from the University of Akron.