A long-serving director at Bermudian-based RenaissanceRe is to step down.

Nicholas Trivisonno, 68, a board member for 12 years, will be replaced by Carol Sanders, who is on the board of directors of Alliant Energy, where she chairs the compensation and personnel committee.

Kevin O’Donnell, chief executive officer of RenRe, said: “Nick’s wise counsel during his 12 years as a director helped RenaissanceRe to navigate through market cycles, important regulatory developments and organisational changes and we thank him for his service.”

Ms Sanders, 49, has worked in senior roles at Sentry Insurance, Jewelers Mutual Insurance Co, where she became chief financial officer, a role she held from 2004 to 2011.

Mr O’Donnell said: “We look forward to welcoming Carol and drawing from her years of experience in senior roles at US insurance companies.

“Her insights and experience will be invaluable as we advance our worldwide strategy, deploy capital efficiently across an expanding suite of risks and, above all, provide best in class service to our clients.”

The changes will take effect at the company’s annual general meeting in May.

The news came as RenRe announced a quarterly dividend increase of one cent, to 31 cents a share, its 21st consecutive annual increase and payable at the end of March.

The company also announced an increase in its share repurchase programme, bringing the total authorisation of funds to $500 million, which includes cash set aside for share buybacks from previous authorisations.