Bermuda headquartered reinsurance group RenaissanceRe Holdings Ltd. has announced a number of senior executive changes, one of which will see the companies Ventures unit President Aditya Dutt also taking on the role of RenRe Treasurer.
Aditya Dutt is President of RenaissanceRe Ventures, Ltd., the unit that manages the reinsurance firms third-party capital and insurance-linked securities offerings, as well as being a Senior Vice President of the company.
Dutt will take on the additional role of Treasurer of RenaissanceRe, giving him responsibility for Investor Relations and Corporate Development, but will remain in charge of the Ventures unit.
It’s perhaps another sign of the capital agnostic and multi-balance sheet nature of RenaissanceRe’s reinsurance business, that the same executive will be responsible for shareholders and third-party ILS investor interests.
Kevin O’Donnell, Chief Executive Officer of RenRe, commented; “Aditya is already a vital member of our executive team who will now take on additional responsibilities.”
Robert Qutub, Chief Financial Officer of the reinsurance firm, added; “The role of Treasurer is a natural extension of Aditya’s responsibilities and one for which he is well qualified, with his deep knowledge of our capital structure and established relationships in the investment community.”
In his current role leading the RenRe Ventures unit, Dutt structures and manages the reinsurance firms joint ventures, including third-party capitalised DaVinci Re, State Farm linked joint venture Top Layer Re, the retrocessional reinsurance focused Upsilon ILS Fund and the catastrophe bond and collateralised reinsurance focused Medici ILS Fund.
Dutt, who has been with the company since 2008, also directs RenaissanceRe’s portfolio of strategic investments and its own investments in and offerings of insurance-linked securities (ILS).
Other executive changes were also announced, including the promotion of Sean Brosnan, who has been with RenaissanceRe since 2004 and is currently Vice President, Managing Director Investments of Renaissance Services of Europe Ltd. and Chief Executive Officer of Renaissance Reinsurance of Europe, to the role of Senior Vice President and Chief Investment Officer of RenaissanceRe.
Finally, Todd Fonner, RenRe’s Senior Vice President, Chief Investment Officer and Treasurer, is set to leave the reinsurance firm to pursue other opportunities effective March 31, 2017.
“These appointments are reflective of the strength of RenaissanceRe’s executive bench and underscore how comfortable Bob is with his senior leadership team,” O’Donnell said. “Sean will continue to execute our investment strategy.”
“Sean is a talented executive who has worked closely with Todd since joining the Company in 2004 and has been very involved in the management of our investments,” noted Qutub.
“We are grateful for the talent and dedication Todd brought to his roles at RenaissanceRe over the course of the past 15 years,” Qutub added. “We appreciate his decision to leave the Company to pursue other opportunities and wish him all the best. Todd will support us in an advisory capacity for a period following his departure.”