Following the acquisition of Bermuda-based PartnerRe by French mutual insurer Covéa, which completed yesterday, the reinsurer has announced a number of changes to its Board of Directors.
This includes the appointment of Thierry Derez, Chief Executive Officer (CEO) of Covéa, as Chairman of the Board, replacing Brian Dowd, who will continue to serve as an independent director alongside Mary Ann Brown and Herman Pohlchristoph.
Additionally, Jacques Bonneau, PartnerRe’s President and CEO, will remain on the company’s Board, while both Enrico Vellano and António Horta-Osório have resigned from the Board, in connection with the close of the transaction.
As two depart the Board, Maud Petit, Chief Financial Officer (CFO) and deputy CEO of Covéa, as well as Thierry Francq, General Manager for Transformation and International Activities at Covéa, join the Board.
Petit took over as CFO and deputy CEO in 2018 and brings over 25 years of re/insurance industry experience to the Board. Francq joined Covéa in 2018 as Chief of Staff to the Chairman and CEO, before taking over as General Manager Strategy and Transformation in December 2019, and then Group General Manager for Transformation and International Activities in 2020. Earlier in his career, Francq served as the General Secretary of the French Financial Markets Supervisory Authority.
With these changes, PartnerRe’s Board will be comprised of seven directors, of which three are independent directors.
Commenting on the appointments, Bonneau said: “On behalf of the Board, I would like to thank Enrico and Antonio for their valuable contributions during their time on the PartnerRe Board. I would also like to welcome our new Chairman and Board members, who will further strengthen the Board’s breadth and depth of talent and will bring a new and valuable perspective.”