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PartnerRe restructures for the future

New structure: Emmanuel Clarke, CEO of PartnerRe

Only a few months after Exor completed its acquisition of PartnerRe, the forward trajectory for the Bermudian reinsurer has become clearer.

There has been a restructuring of the company, with its business units now consolidated into three worldwide segments.

Property and casualty is led by Tad Walker and speciality lines by Charles Goldie, while life and health continues to be headed by Marvin Pestcoe. The changes took effect on July 1.

The takeover battle for PartnerRe was one of the island’s major business stories last year, with Italian investment giant Exor eventually seeing off Axis Capital to secure the reinsurer in a $6.1 billion deal.

That acquisition was completed in March, and Partner Re became a subsidiary of Exor. PartnerRe’s common shares were subsequently delisted from the New York Stock Exchange and The Royal Gazette/BSX Index.

Exor is an investment company controlled by the billionaire Agnelli family, who are behind luxury sports car maker Ferrari and Fiat Chrysler. The company’s chairman John Elkann became chairman of the board of PartnerRe earlier this year.

At the end of last month PartnerRe announced the reorganisation of its business units and the leadership roles of Mr Walker, Mr Goldie and Mr Pestcoe. The company said the restructuring had been done to better align its global expertise with the needs of its clients and brokers.

PartnerRe, which has offices on Pitts Bay Road, has now confirmed the leaders for each of the business sub-segments.

In property and casualty, Dick Sanford heads up the operation in North America, while in Europe the leader is Philippe Meyenhofer, and Alain Flandrin heads up the division in Asia Pacific. Salvatore Orlando is the leader in the Middle East, Africa, Russia and Ad Interim Latin America, while Greg Haft, is head of global catastrophe.

In speciality lines, Rinat Bektleuov leads agriculture, Benjamin Weber leads aviation and space, Christophe Renia heads financial risks, Ian Houston leads specialty property, and Charles Goldie oversees speciality marine, offshore energy and multiline.

And in the life and health sub-segment, Dean Graham leads life, while Daniel Bolgar is head of health.

In addition, PartnerRe has appointed Scott Altstadt to the newly created role of chief underwriting officer, while Hervé Castella continues to be responsible for sourcing third party capital and catastrophe retrocession, as head of third party capital.

Emmanuel Clarke, chief executive officer of Partner Re, said: “We are delighted to appoint such highly experienced professionals to lead our underwriting teams.

“All of these individuals bring a wealth of knowledge and a strong client orientation to their roles. I am confident that together with their teams they will help ensure we are achieving our ambition to build meaningful partnerships with our clients and brokers.”