Closing protection gap and promoting climate resilience are at the top of the reinsurer's agenda.
Stephen Weinstein will be leaving the reinsurer at the end of the year.
Chief executive Kevin O’Donnell highlighted climate-change driven frequency of catastrophic events impacting the world.
The losses were driven by Hurricanes Laura and Sally, as well as the wildfires in California, Oregon and Washington.
Doak is leaving RenaissanceRe to start his new private investment firm focused on the insurance industry.
The company will provide loss portfolio transfer reinsurance for RenRe's Lloyd’s Syndicate 1458.
The capital follows on from its recent raise of $1.1 billion through a public offering of its ordinary shares.
CEO Kevin O’Donnell will assume responsibility for the ventures business on an interim basis.
As one of the reinsurer's biggest shareholders, State Farm is backing the company and will purchase some $75m worth of shares.
CEO Kevin O’Donnell highlights the company is 'well capitalised with ample liquidity'.