A former PepsiCo executive has been nominated to serve as an independent director of RenaissanceRe.

Cynthia Trudell was executive vice-president and chief human resources officer of PepsiCo Inc from 2007 to 2011. She has also served in executive and management positions with General Motors, Brunswick Corporation and Saturn Corporation.

Meanwhile, Edward Zore is to retire from the board at the end of his term. The changes to the board are due to be made at the annual meeting in May.

Kevin O’Donnell, president and chief executive officer, said: “The entire RenaissanceRe executive team and my fellow directors are delighted by the nomination of Cynthia. Her distinguished background as a chief executive and as a leader of organisational talent across industries confronting change, as well as her experience as a director in financial services, is ideal for our company at this time.

“We are also pleased to recognise Ed for his distinguished service. Ed’s industry experience, investment acumen and general wise counsel have been invaluable to me and my team. We thank Ed for his service, and look forward to welcoming Cynthia.”

James Gibbons, non-executive chairman of RenRe, also welcomed Ms Trudell, and wished Mr Zore well after his three full terms as a director. He said: “Ed’s contributions across each of our committees and with the full board were significant, reflecting both his distinguished prior career as an insurance industry leader, and his leadership in corporate governance, reflected in his recent recognition by the National Association of Corporate Directors in their 2017 list of the ‘Most Influential Leaders in Boardrooms and in Corporate Governance’.”

Separately, RenRe announced it is increasing its quarterly dividend to 34 cents per common share, from 33 cents. The company has increased its dividend during each of the 24 years since its initial public offering.