PEMBROKE, Bermuda–(BUSINESS WIRE)– PartnerRe Ltd. (NYSE:PRE) today announced several executive management changes. Marvin Pestcoe, currently CEO Life & Health, Investments has advised the Company of his decision to retire, effective April 15, 2014. Mr. Pestcoe will continue to work with the Company in a consulting capacity.
Mr. Pestcoe joined PartnerRe in 2001 as head of the Company’s alternative risk operations, and in 2008 was appointed Deputy Head of Capital Markets Group and Head of Capital Assets. In 2010 Mr. Pestcoe assumed responsibility for all investments and executive responsibility for the Life operations. These responsibilities were expanded to include PartnerRe’s Health operations after the acquisition of Presidio Reinsurance Group in December 2012.
PartnerRe President and CEO, Costas Miranthis, commented, “Marvin has been an integral part of PartnerRe’s development – first in establishing our presence in the alternative risk markets, then building the capital assets initiative to a position of strength and finally stewarding the Life and Health operations. In that time, Marvin’s intellect and deep knowledge of our business have been an enormous asset. I am pleased that we will continue to benefit from his counsel through our consulting arrangement.”
As a result of Marvin’s decision to retire, PartnerRe will make the following changes to its executive management responsibilities:
In addition, as a result of these changes, PartnerRe will make the following appointments:
Mr. Miranthis continued, “We are fortunate to have the breadth and depth of management talent to allow us to accommodate Marvin’s retirement. I have worked closely with all the individuals who assume new responsibilities, and I am confident that they have the leadership skills to continue taking PartnerRe forward.”
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 in its Non-life operations, mortality, longevity and accident and health in its Life and Health operations, and alternative risk products. For the year ended December 31, 2013, total revenues were $5.5 billion. At December 31, 2013, total assets were $23.0 billion, total capital was $7.5 billion and total shareholders’ equity attributable to PartnerRe was $6.7 billion.
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Source: PartnerRe Ltd.