RenaissanceRe Holdings Ltd. has announced that William F. Hagerty IV will join the board of directors following the retirement of W. James MacGinnitie, who has served as a member of the board since 2000.

The change will occur in conjunction with the company’s annual general meeting of shareholders in May 2015, subject to shareholder approval of Hagerty’s election.

Hagerty, 55, served as Tennessee’s commissioner of economic and community development and as a member of the governor’s cabinet from 2011-2015, when he retired to rejoin Hagerty, Peterson & Co. LLC, a private equity investment firm at which he had previously served as a founder and managing director since 1996.

Hagerty was also vice chairman of National Electronics Warranty Corp. (now NEW Asurion Corp.), and from 1991-1993, he served as a member of the White House Staff, including in the position of chief economist for the President’s Council on Competitiveness.