PartnerRe has announced a series of executive leadership changes. Mario Bonaccorso, executive vice president and chief financial officer, will retire from the Company on March 31, 2020 to pursue a new entrepreneurial venture.
Bonaccorso will be invited to join the PartnerRe Ltd. Board of Directors as a non-voting observer as he would not be deemed an independent director per NYSE listing rules.
Bonaccorso will be succeeded by Nicolas Burnet, who joins from Zurich after serving across a number of senior positions for the last 15 years.
Commenting on Mr. Bonaccorso’s retirement, president and CEO Emmanuel Clarke, said: “Mario has been very instrumental to the Company’s progress since he joined in April 2016. He has successfully led a number of strategic initiatives, including our efficiency efforts which have led to a significant reduction in our expense ratio, the optimization of our capital structure and the reduction in our financing costs, the improvement of our financial strength ratings and the build-up of our third-party capital platform. Mario has consistently delivered outstanding results and I am immensely grateful to him for what he has accomplished and what he leaves behind.”
Adding: “While we will miss Mario’s executive contribution, we will continue to benefit from his insights and contributions with his participation on the PartnerRe Ltd. Board of Directors.”
Clarke continued: “Nick brings deep experience in risk, capital, and finance functions in both the Life and Non-Life businesses that will benefit us as we continue to grow as a composite reinsurance company. I look forward to working with him.”
Additionally, Andrew Gibbs will be appointed to the newly created position as executive vice president and chief operations officer, effective 14 October 2019.
In his new role, he will have responsibility over the businesses end-to-end underwriting processes, including underwriting support, reinsurance accounts, claims, payments and collections, as well as its legal, compliance and internal audit services.
Gibbs brings more that 3 decades of (re)insurance, regulatory compliance and financial services experience having held a series of senior positions. He joins PartnerRe from Maiden Reinsurance Ltd where he held the position of executive chairman since January 2019.
Commenting on Mr. Gibbs’ appointment, Clarke said: “I am delighted to welcome Andy to the Company as our COO. His long career in the insurance and reinsurance industry, and his wealth of experience in reinsurance processes, accounting and regulatory matters, make him a great addition to the Company and our Executive Leadership Team.”
Burnet and Gibbs will both be located in the Company’s Headquarter office in Bermuda.