PartnerRe reorganizes business operations
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PartnerRe Ltd., which recently got a new chief executive, has reorganized its business units effective Friday.
A company spokeswoman on Thursday said that Emmanuel Clarke had reviewed company strategy after being named CEO and president of the reinsurer in March.
“As part of a process to review how to best serve our clients and brokers, we have taken the time to listen to what they need and the demands they face,” Mr. Clarke said Thursday in a statement. “As a result, we have implemented changes to our structure to make it easier for our partners to do business with us.”
The company’s business units are now consolidated into three worldwide business segments: property/casualty, which will be led by Tad Walker; specialty lines, which will be led by Charles Goldie; and life and health, which continues to be led by Marvin Pestcoe, according to the statement.
The property/casualty segment will provide access to property and casualty risks, including property catastrophe and facultative, through five regional units: North America; Europe; Asia; Latin America; and Middle East, Africa & Russia, according to the statement.
The specialty lines segment will apply the company’s technical expertise on a worldwide basis through a centralized specialty unit, while the life and health segment will operate as a worldwide specialist unit.
“These changes are part of an ongoing evolution,” Mr. Clarke said in the statement. “With a highly diversified product offering of nonlife and life reinsurance worldwide and solid financial strength, PartnerRe is already well-positioned to meet our clients’ evolving reinsurance needs.”
Pembroke, Bermuda-based PartnerRe had been the target of a takeover battle that pitted Italy-based Exor S.p.A. against Pembroke-based Axis Capital Holdings Ltd. Exor ultimately acquired PartnerRe for $6.8 billion.
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