The Bermuda-based company says it is one of the first "substantial" re/insurers of the Class of 2020.
The reinsurer's full-year net profit dropped to $206m in 2020 from $890.3m it earned in 2019.
The unit will be responsible for developing new underwriting and risk management solutions.
The executives will serve on its audit, compensation and risk committees.
John Berger is retiring after three years helping to establish the company's presence on the island.
The new venture aims to provide D&O insurance at a time of unprecedented upheaval within the market.
Tim Turner has been named new president of Ryan Specialty Group.
The UK insurer is to be acquired by Canada's Intact Financial and Scandinavian insurer Tryg.
Re/insurance giants Munich Re, Swiss Re, SCOR, AIG, AXA, Allianz and Chubb come together to develop new climate risk assessment tools.
The new group brings together more than 25 wholesale brands across 45 locations throughout the US and London.