PARTNERRE REORGANISES BUSINESS INTO THREE SEGMENTS

Bermudian reinsurer PartnerRe on Thursday announced a reorganisation of its business in a move that it said will provide increased value to clients and better align its expertise with the needs of it client base. Effective July 1, PartnerRe’s business will be consolidated into three segments: property & casualty, led by Tad Walker; specialty lines, led by Charles Goldie; and life & health, which continues to be led by Marvin Pestcoe. The property & casualty segment will include property catastrophe and facultative business in five regional units: North America; Europe; Asia; Latin America; and Middle East, Africa & Russia. The specialty lines segment will operate as a centralised specialty unit offering specialty lines treaty and facultative solutions. The life & health segment will operate as a worldwide specialist unit, taking an integrated approach to client needs. PartnerRe president and chief executive Emmanuel Clarke said “these changes are part of an ongoing evolution. With a highly diversified product offering of non-life and life reinsurance worldwide and solid financial strength, PartnerRe is already well positioned to meet our clients’ evolving reinsurance needs.”