The managing director of Italian investment giant Exor was yesterday appointed chief financial officer at the firm’s Bermudian subsidiary PartnerRe.

Mario Bonaccorso will replace Bill Babcock, who served at the reinsurance firm as executive vice-president and chief financial officer for nearly six years.

Mr Babcock will remain at the company as executive vice-president throughout the summer to ensure a smooth transition.

Mr Bonaccorso has resigned from his position as Exor managing director and from the PartnerRe board in order to take up his new role, where he will report to PartnerRe president and CEO Emmanuel Clarke.

In addition, Charles Goldie, CEO of PartnerRe Global and Marvin Pestcoe, CEO life, health and strategic ventures, have joined PartnerRe’s executive management team.

Mr Clarke said: “I would like to welcome Mario to PartnerRe. His financial acumen and broad experience in managing Exor’s portfolio of companies will be extremely valuable.

“The addition of Mario, Charlie and Marvin to the executive committee further strengthens our leadership team, bringing new skills, deep experience and a fresh outlook as we seek to take PartnerRe to the next level.”

He added: “At the same time, we are sorry to see Bill go. He has been a highly valuable CFO and member of our executive team, having successfully led a number of strategic initiatives during his tenure at PartnerRe.

“We will miss his deep knowledge of the industry, his sound judgment and his unflagging energy.

“We thank him for his considerable contribution to PartnerRe and we wish him the very best in his future endeavours.”

Tad Walker, president and CEO of PartnerRe North America, and Laurie Desmet, executive vice-president and chief operations officer, will continue in their current roles.

Mr Bonaccorso became managing director of Exor in 2007 and was responsible for investments and the management of Exor’s portfolio of companies, which includes a major stake in car giants Fiat Chrysler.

He also served on a number of boards of directors on behalf of Exor.

Mr Bonaccorso has a MSc in telecommunications engineering from the Politecnico di Torino and an MBA (Hons) from international business school INSTEAD.