PEMBROKE, Bermuda, May 12, 2010 (BUSINESS WIRE) --Regulatory News:
PartnerRe Ltd. (NYSE, Euronext:PRE) announced today that following his
re-election as a Director, Jean-Paul Montupet has been named as Chairman
of its Board of Directors. Mr. Montupet replaces John Rollwagen, who was
also re-elected as a Director and will remain a member of the Board.
Mr. Montupet joined the PartnerRe Board in 2002 and has served on the
Nominating and Governance, Risk and Finance, Human Resources and
Compensation Committees. Mr. Montupet has been an Executive Vice
President of Emerson since 1990, and he is currently in charge of the
Industrial Automation Business and of Emerson Europe; he is also an
advisory Director of Emerson. In addition, Mr. Montupet is a Director of
Lexmark International, Inc.
Mr. Rollwagen commented, "Following nine years of progressive growth in
strength and position for PartnerRe, I am ready to hand over the
position of Chairman. In the three terms I've served in this role, I am
most proud of the work the Board has undertaken to fully develop our
corporate governance practices. I would like to express my appreciation
to my Board colleagues for their active participation in this process
and for their support during my tenure. Going forward, I have every
confidence that Jean-Paul will lead the Board effectively through the
next important phase of the company's life."
Mr. Montupet commented, "On behalf of the Board of Directors, I would
like to thank John for his excellent stewardship over the past nine
years. Following the acquisition of PARIS RE and against the backdrop of
changes in the industry, the next few years will be critical in
PartnerRe's evolution. I look forward to continuing the work we have
initiated at the Board level to address the opportunities ahead. In the
position of Chairman, I know I will benefit from the expertise and
insight that exists among my fellow Board members."
PartnerRe Ltd. is a leading global reinsurer, providing multi-line
reinsurance to insurance companies. The Company, through its wholly
owned subsidiaries, also offers capital markets 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, multiline and
other lines, life/annuity and health, and alternative risk products. For
the year ended December 31, 2009, total revenues were $5.4 billion. At
March 31, 2010, total assets were $24.8 billion, total capital was $8.2
billion and total shareholders' equity was $7.4 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 Contact: Robin Sidders
Media Contact: Celia Powell
or
Sard Verbinnen & Co
212-687-8080
Drew Brown / Briana Kelly