PartnerRe Ltd. on Wednesday announced the retirement of Marvin Pestcoe, currently CEO of life and health, and several executive management changes.
Mr. Pestcoe's retirement is effective April 15, 2014, and he will continue to work with PartnerRe in a consulting capacity, the Pembroke, Bermuda-based reinsurer said in a statement.
He also had responsibility for all investments, the reinsurer said.
“Marvin has been an integral part of PartnerRe's development — first in establishing our presence in the alternative risk markets, then building the capital assets initiative to a position of strength and finally stewarding the life and health operations,” Costas Miranthis, president and CEO of PartnerRe, said in the statement. “In that time, Marvin's intellect and deep knowledge of our business have been an enormous asset. I am pleased that we will continue to benefit from his counsel through our consulting arrangement.”
As a result of Mr. Pestcoe's retirement, Bill Babcock, chief financial officer of PartnerRe, will take executive responsibility for investments and Emmanuel Clarke, CEO of PartnerRe Global, will take executive responsibility for life and health, according to the statement.
The company also announced two other executive appointments: Zurich-based Charles Goldie, currently head of specialty lines at PartnerRe, will be promoted to the position of deputy CEO for global nonlife; and New York-based John Adimari, currently head of risk management services at PartnerRe, has been appointed to the newly created position of chief administrative officer, according to the statement.