Reinsurer PartnerRe has announced executive leadership changes

Nicolas Burnet has been appointed as PartnerRe’s next chief financial officer (CFO), effective from 1 April 2020.

He joins from the Zurich Insurance Group, where over the past 15 years he has held several leadership positions.

At Zurich he has served as the Swiss international insurer’s chief risk officer and CFO for both its global life and non-life arms.

Most recently he was Zurich’s group head of planning and performance management.

PartnerRe’s current CFO Mario Bonaccorso is set to retire on 31 March 2020 and to join the reinsurer’s board of directors as an observer.

PartnerRe said he would “pursue a new entrepreneurial venture” with financial support from PartnerRe’s parent investment group Exor.

Burnet’s appointment is subject to the customary regulatory and immigration approvals.

Commenting on Bonaccorso’s retirement, PartnerRe’s president and CEO Emmanuel Clarke said: “Mario has been very instrumental to the company’s progress since he joined in April 2016.

“Mario has consistently delivered outstanding results and I am immensely grateful to him for what he has accomplished and what he leaves behind.”

“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.”

On Burnet’s appointment, Clarke commented, “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.”

The reinsurer has also appointed Andrew Gibbs as its new chief operations officer (COO), effective from 14 October 2019.

He joins PartnerRe from Maiden Reinsurance, where he has held the position of executive chairman since January 2019.

The newly created position will have responsibility over the company’s end-to-end underwriting processes, including underwriting support, reinsurance accounting, claims, payments and collections, as well as its legal, compliance and internal audit functions.

Gibbs has held senior positions with the Bermuda Monetary Authority, Validus, Ace (now known as Chubb) and Ernst & Young.

Commenting on 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 based in the PartnerRe’s Bermuda headquarters.