Jacques Bonneau, the PartnerRe Ltd chief executive, will retire from the company as of April 1.

Philippe Meyenhofer will succeed him and take his place on the board of directors.

As part of the transition, Jon Colello, chief executive, P&C Americas, assumes the added role of president with executive responsibility for all non-life underwriting, reporting to Mr Meyenhofer.

The company said: “During the interim period, Jacques will delegate most of his duties to Philippe and Jon, to ensure a smooth transition.”

Mr Bonneau said: “I am proud of what we have achieved and the progress we’ve made in our various business and support units and operations with the improvement in our executional performance and delivery for our numerous stakeholders.

“I am confident PartnerRe is well positioned for future success and Philippe, Jon and the executive leadership team provide continuity with their in-depth knowledge and insight of PartnerRe’s people and business.”

Thierry Derez, the company chairman, said: “The fact that we are in the position to appoint PartnerRe’s next CEO and president from within the company speaks to the strength and depth of talent in the organisation.

“Together, Philippe and Jon bring a wealth of industry experience, proven business and leadership skills, and strong track record in underwriting combined with a deep knowledge of PartnerRe's clients, brokers and employees.”

Mr Derez added: “On behalf of the board, I would like to express our gratitude and appreciation to Jacques for his stewardship as CEO and president over the past three and a half years. Under his leadership, the company’s business, strategic positioning, financial results, and operational excellence have been strengthened in important ways.

“Jacques also led the successful transition to Covéa ownership. Jacques has been a very dedicated and strong leader and we wish him all the best in his retirement.”

The company said: “Mr Meyenhofer joined PartnerRe in 2010 and has held positions of increasing leadership since that time, most recently as a member of the executive leadership team and CEO, specialty lines.

He was appointed to head of Specialty Casualty PartnerRe Global in 2013, to head of Europe P&C in 2016, and gained the additional responsibility of deputy CEO P&C in 2018. In 2020, he was named CEO of PartnerRe’s Specialty Lines. Mr Meyenhofer will continue to be based in the company’s Zurich office.

Christian Mitterer has assumed executive responsibility for specialty lines as chief executive and Ingrid Gjonaj joins the executive leadership team as chief executive, P&C EMEA.