A former member of the White House staff is to join the RenaissanceRe Holdings board of directors.

William “Bill” Hagerty IV, was a member of the White House staff between 1991 and 1993, and held the position of chief economist for the President’s Council on Competitiveness.

He will replace James “Jim” MacGinnitie, 76, a long-serving member of the RenaissanceRe board, who is to retire.

RenRe is preparing to acquire fellow Bermuda reinsurer Platinum Underwriters Holdings. Platinum shareholders will vote on the merger on Friday. If shareholders are in favour of the $1.9 billion deal, it is expected to close on March 2.

The announced change in the RenRe board of directors will take place, subject to shareholders’ approval, at the company’s annual meeting in May.

Mr MacGinnitie, who was the firm’s first non-executive chairman, has been a member of the board since 2000.

“It is a fitting time in RenaissanceRe’s strategic evolution to celebrate Jim MacGinnitie’s invaluable service to our company,” said Kevin O’Donnell, RenaissanceRe chief executive officer.

“As past non-executive chair of our board of directors and throughout his tenure on our board, Jim has been a valued adviser on key industry and business issues.

“Jim has my thanks and appreciation and that of my entire management team. Bill brings to our Board extensive experience drawn from both a distinguished career in public service and as a successful financial and business executive. We look forward to drawing on his judgment and expertise as we continue to move our business forward.”

Mr Hagerty, 55, was a member of the Tennessee Governor’s cabinet and served as Tennessee’s commissioner of economic and community development until he retired from the positions last month to rejoin Hagerty, Peterson & Company, a private equity investment firm that he has previously served as a founder and managing director since 1996.

Ralph B Levy, non-executive chairman of RenaissanceRe, said: “Our entire board and management are deeply appreciative of the central role Jim has played in RenaissanceRe’s development and success over more than half of our company’s history, including during his critical service as our first non-executive chair.

“We are pleased to welcome Bill, whose knowledge of and success in both the public and private sector will bring fresh perspective to the board’s oversight of this fine organisation at a time of accelerating industry change.”