Former bank boss James Gibbons is to become non-executive chairman of RenaissanceRe.

He will assume his new role with the reinsurance and insurance company next May.

Bermudian Mr Gibbons was president and chief executive officer of Capital G Limited from 1999 until 2010. He continued to serves as chairman until 2013.

He is currently a senior advisor and director of Clarien Group.

Mr Gibbons has been a member of the RenaissanceRe board since 2008, and for the past two years has served as chairman of the audit committee. He will take over the role of non-executive chairman from Ralph Levy following the shareholders’ meeting in May. Mr Levy will continue as a director of the company, subject to his re-election at the same meeting.

“Ralph has played a central role in RenaissanceRe’s development during his five-year tenure as non-executive chair,” said Kevin O’Donnell, CEO of RenRe.

“My management team, fellow directors and I are thankful for his service and valuable advice. We appreciate that he will be continuing to serve on the Board in order to ensure a smooth transition.

“We are pleased to welcome James to the new role of non-executive chair. He brings a breadth of skills and experiences in our industry and has a proven track record of building and leading businesses. He will be an instrumental partner in overseeing our strategy and pursuit of profitable growth.”

Mr Levy has been a board member since 2007, and has served as non-executive chairman since 2011.

He said it has been a privilege to hold the position for five years, adding: “The company has achieved significant strategic milestones over that time and is well-positioned for the challenges of the current market, and those of the future.

“Our succession process was robust and the entire board joins me in congratulating James on his appointment. We are sure that James is the right person to chair RenaissanceRe for the next phase of our development.”

Mr Gibbons is chairman of Harbour International Trust Company Ltd, and treasurer of Edmund Gibbons Ltd. He is also president of Bermuda Air Conditioning Ltd and is a board member of Nordic American Tankers Ltd.