Insurer RenaissanceRe Holdings (NYSE:RNR) has named a new CEO.

On Wednesday after close of trading, RenaissanceRe announced that when Chief Executive Officer Neill Currie retires from the company on July 1, current company President and Global Chief Underwriting Officer Kevin O'Donnell will be promoted and fill his shoes as the company's new CEO. Currie will remain a consultant to the company through February 2014 before retiring. Currie was a co-founder of the company in 1993 and has been CEO since 2005. O'Donnell joined RenaissanceRe in 1996.

Praising his soon-to-be replacement in a press release, Currie expressed "absolute confidence that Kevin and his executive team will continue to build long-term value in RenaissanceRe."

Over the past year, RenaissanceRe shares have underperformed the S&P 500 by more than 10 percentage points -- rising just 17% in a market where "everyone else" seems to have gone up 27%.