RenaissanceRe Holdings is dealing with some changes in a few of its executive leadership slots.

Executive Vice President and CFO Jeffrey Kelly will become chief operating officer but also continue as chief financial officer. Meanwhile, Executive Vice President and Chief Administrative Officer Peter Durhager is stepping down, the Bermuda-based company disclosed in an announcement. He’ll stay on for the next year, however, as an advisor.

CEO Kevin O’Donnell credited Kelly with helping to improve RenaissanceRe’s “financial and strategic planning functions” since he became CFO in 2009. In his new role, O’Donnell said that Kelly will help guide RenaissanceRe’s agenda as executives plan for future growth.

RenaissanceRe is among many reinsurers attempting to navigate a persistently soft reinsurance market and deal with aggressive new competitors, both of which put substantial pressure on rates.

Source: RenaissanceRe