Renaissance Re replaces CRO

Bermuda-based reinsurer Renaissance Re has promoted Ian Branagan, its previous head of risk modelling, to chief risk officer.

In his new role, he will be responsible for overseeing enterprise-wide risk management practices at the firm. Branagan replaces Todd Fonner, who will retain his other post as the company's chief investment officer.

On February 11, Renaissance Re reported a net loss of $55.2 million for the fourth quarter of 2008, compared with a profit of $62.2 million for the same period in 2007. This contributed to an overall loss for last year of $13.3 million, contrasting to a profit of $569.6 million for 2007.

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