Former RenaissanceRe chief executive officer Jim Stanard has been recruited by Insight Catastrophe Group to serve as non-executive chairman of its board of managers.

Insight is a specialty provider of property catastrophe risk management and underwriting services, with offices in New York and Tampa.

Mr. Stanard joins the board along with Rod Fox, who will serve as non-executive vice-chairman, through their newly-formed organisation, New Asset Class Management.

Both men will also provide strategic oversight and help expand the company's growth in the property catastrophe risk management and underwriting businesses.

"We are thrilled that Jim and Rod have joined Insight," said Andrew DiLoreto, chief executive officer of Insight Catastrophe Group. "Their vast experience, leadership qualities and industry relationships will help Insight more rapidly reach its full potential."

Mr. Stanard is the chairman of New Asset Class. Prior to forming New Asset Class, Mr. Stanard served as the chairman and CEO of RenaissanceRe. Mr. Stanard resigned from RenRe, which he had founded in late 1992, after the company had restated its 2001, 2002 and 2003 earnings due to a mis-accounted finite reinsurance deal.

Mr. Fox is the CEO of New Asset Class. Before New Asset Class, Mr. Fox served as CEO of Praetorian Financial Group.