Benchimol to step down on same day as CEO Thiele

Albert Benchimol, executive vice president and chief financial officer of Bermuda-based reinsurer PartnerRe, will leave the company on 31 December 2010. Bill Babcock, currently group finance director, will replace him from 1 October. Marvin Pestcoe, currently deputy head of the capital markets group and head of capital assets, will replace Benchimol as CEO of PartnerRe's capital markets group, also from 1 October.

The news closely follows the announcement in May that long-serving CEO Patrick Thiele would be retiring, also on 31 December. Costas Miranthis will replace Thiele as CEO on 1 January 2011. The company has now announced that Emmanuel Clarke, currently head of specialty, PartnerRe Global, and deputy CEO, will replace Miranthis as CEO of PartnerRe Global effective 1 September. Miranthis was named president and chief operating officer in May in preparation for taking over as CEO at the beginning of next year.

Benchimol has served as executive vice president and CFO since he joined PartnerRe in 2000. In 2007, he took on the additional role of CEO of the company's capital markets group.

"Over the past ten years, I have been part of PartnerRe's evolution to a truly first class reinsurer, and I am proud to have been part of that success,” said Benchimol. “PartnerRe is about to enter a new phase, with a new executive management team. I am confident they and the rest of my friends at PartnerRe will continue to build on the progress we have achieved. As for me, this transition marks a new beginning, and I look forward to new challenges and opportunities in the next phase of my career."

Thiele added: "Albert has been an important member of the executive team at PartnerRe for more than a decade. His financial acumen, demonstrated leadership, good judgment and dedication to the people in the organisation have made him a significant contributor to the success of the company. I am confident that all of these qualities will ensure Albert’s success in whatever he chooses as the next stage of his career and we wish him well.”