PEMBROKE, Bermuda, May 04, 2010 (BUSINESS WIRE) --Regulatory News:
PartnerRe Ltd. (NYSE, Euronext: PRE) today announced that Patrick
Thiele, President and CEO of PartnerRe Ltd. has decided to retire,
effective December 31, 2010. Mr. Thiele will also step down from the
Company's Board of Directors at that time.
Patrick Thiele has held the position of President and CEO since December
1, 2000. PartnerRe's Board of Directors has anticipated Mr. Thiele's
decision to retire and is executing its CEO succession plan. The Board
expects to announce a successor following the Company's Board meeting
that will take place on May 12, 2010.
Mr. John Rollwagen, Chairman of PartnerRe's Board, said, "Patrick is an
outstanding leader for PartnerRe, and is responsible for transforming
the Company into one of the world's leading global reinsurance
companies, with total capital of more than $8 billion. PartnerRe's track
record, position in the market and reputation as a well managed company
all speak directly to Patrick's leadership. Most importantly, Patrick
has fostered an organization and culture with the principles and values
that will sustain PartnerRe's ability to thrive far into the future. The
Board of Directors joins me in thanking Patrick for his contribution to
PartnerRe's success, and looks forward to working with him for the
remainder of the year."
Commenting on his decision to retire, Mr. Thiele said, "I have always
believed that ten years is an appropriate amount of time to serve as a
CEO, and given the position PartnerRe is in today, this is the right
time for the Company too. By the end of 2010, I will have had the
privilege of working with some of the most talented professionals in the
reinsurance business for ten years, and I am proud of what we have
created together - a Company that has the strength and depth to take on
whatever the market may send its way. I look forward to working with my
successor on a smooth transition in leadership, and then to a
'lower-risk' life with my family."
PartnerRe is a leading global reinsurer, providing multi-line
reinsurance to insurance companies. The Company through its wholly owned
subsidiaries also offers alternative risk products that include weather
and credit protection to financial, industrial and service companies.
Risks reinsured include property, casualty, motor, agriculture,
aviation/space, catastrophe, credit/surety, engineering, energy, marine,
specialty property, specialty casualty, other lines, life/annuity and
health, and alternative risk products. For the year ended December 31,
2009, total revenues were $5.4 billion, and at December 31, 2009 total
assets were $23.7 billion, total capital was $8.0 billion and total
shareholders' equity was $7.6 billion.
PartnerRe on the Internet: www.partnerre.com
Forward-looking statements contained in this press release are based
on the Company's assumptions and expectations concerning future events
and financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to significant business, economic and competitive
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
PartnerRe's forward-looking statements could be affected by numerous
foreseeable and unforeseeable events and developments such as exposure
to catastrophe, or other large property and casualty losses, credit,
interest, currency and other risks associated with the Company's
investment portfolio, adequacy of reserves, levels and pricing of new
and renewal business achieved, changes in accounting policies, risks
associated with implementing business strategies, and other factors
identified in the Company's filings with the Securities and Exchange
Commission. In light of the significant uncertainties inherent in the
forward-looking information contained herein, readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the dates on which they are made. The Company disclaims any
obligation to publicly update or revise any forward-looking information
or statements.
SOURCE: PartnerRe Ltd.
PartnerRe Ltd.
441-292-0888
Investor: Robin Sidders
Media: Celia Powell
or
Sard Verbinnen & Co
212-687-8080
Drew Brown/Briana Kelly