Bermudian-based RenaissanceRe Holdings Ltd has appointed Loretta Mester to serve as an independent director of the company.

The company added that Brian Gray, who has served as a member of the board since 2013, has retired as a director.

Kevin O’Donnell, president and chief executive, said: “Loretta joins us following an exemplary career at the Federal Reserve, including a decade as president of the Federal Reserve Bank of Cleveland.

“Her deep understanding of macroeconomic policy, global financial systems and management of systemic risk will further RenaissanceRe’s purpose of protecting communities and enabling prosperity in an increasingly volatile world.

“I would also like to thank Brian for his 11 years of service on our board. As an industry expert, Brian’s guidance has been invaluable to the company and my fellow directors as we have expanded RenaissanceRe’s global footprint and diversified our underwriting portfolio.

“We are grateful to Brian for his important contributions and welcome Loretta to the board.”

Dr Mester was president and chief executive of the Federal Reserve Bank of Cleveland from 2014 until her retirement earlier this year. Previously, she served at the Federal Reserve Bank of Philadelphia as the executive vice-president and director of research.

She is an adjunct professor of finance at the Wharton School of the University of Pennsylvania.