Mr. Miranthis will Succeed Patrick Thiele as CEO, effective January
1, 2011
PEMBROKE, Bermuda, May 12, 2010 (BUSINESS WIRE) --Regulatory News:
The Board of Directors of PartnerRe Ltd. (NYSE, Euronext:PRE) announced
today that Costas Miranthis has been named President and Chief Operating
Officer of PartnerRe Ltd., subject to approval by Bermuda immigration.
Mr. Miranthis will succeed Patrick Thiele as CEO, effective January 1,
2011. The Company previously announced Mr. Thiele's decision to retire,
effective December 31, 2010. Mr. Miranthis will maintain his current
responsibilities until a successor is announced.
Mr. Miranthis, 46, is currently CEO, PartnerRe Global, and is a member
of the PartnerRe Group Executive Committee. Appointed to his current
role in May 2008, Mr. Miranthis is responsible for the executive
management of the Company's Life operations, all non-Life reinsurance
operations and support functions outside the U.S. In 2007, Mr. Miranthis
was appointed Deputy CEO, PartnerRe Global, and was responsible for the
management of all Global business units. Mr. Miranthis joined the
Company in 2002 as Chief Actuary with responsibility for PartnerRe's
Actuarial and IT functions. Prior to joining PartnerRe, Costas spent 16
years with Tillinghast-Towers Perrin in London U.K., most recently as
Principal.
Mr. Jean-Paul Montupet, Chairman of the PartnerRe Board, said, "The
selection of Costas as Patrick's successor is the result of a long-term
succession planning process focused on ensuring PartnerRe's next leader
has the experience, skill sets and intellectual capital to lead the
Company forward, with the knowledge of the core values and strengths
that make PartnerRe successful. We are fortunate to have had strong
internal candidates."
Patrick Thiele, current CEO of PartnerRe said, "I fully support the
Board's decision to name Costas as my successor, and I am confident that
I will leave PartnerRe in good hands when I retire at the end of this
year. The fact that we are in the position to appoint PartnerRe's next
CEO from within the Company is a testament to the strength and depth of
talent at this organization. I know that Costas, with the support of the
executive management, will continue to build a well managed company that
provides unquestionable security for its clients and an appropriate
return for its shareholders."
Mr. Miranthis commented, "I am very happy to accept the Board's offer to
succeed Patrick. I have enjoyed working together with Patrick and my
executive colleagues to build this company into the reinsurance leader
it is today. I look forward to continuing to work with the Board and
management team to build on the success we have achieved so far."
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.
Drew Brown, 212-687-8080