Two senior and longstanding executives from reinsurer PartnerRe are to retire the company announced, with Tad Walker, CEO Property & Casualty and Marvin Pestcoe, Chief Risk and Actuarial Officer, both leaving at the end of Q1 2018.
PartnerRe, the Bermudian reinsurance firm owned by the Agnelli family-owned EXOR investment group, is in the process of conducting external searches for successors for the two key roles.
Walker has been with PartnerRe for over 15 years. He joined the company as Head of Catastrophe in 2002 and has also held the roles of Chief Underwriting Officer for PartnerRe U.S. and President & CEO of North America. In June 2016, Walker took on executive responsibility for PartnerRe’s property and casualty worldwide business segment.
PartnerRe President and CEO Emmanuel Clarke commented; “Tad has been an important member of PartnerRe’s executive team during a critical period as we transitioned PartnerRe to private ownership and established a new strategy and structure. He assumed the role of CEO of the Property & Casualty business segment with the aim of firmly establishing our new strategy and strengthening the P&C leadership team. With the reorganization settled and with the appointments of James Beedle in Singapore as Head of Asia-Pacific and Humberto Cabrera as Head of Latin America in Miami, Tad has created momentum behind our worldwide P&C strategy. Today we have a very good worldwide team in place, putting PartnerRe in an excellent position to focus on meeting our clients’ needs where they are.”
Pestcoe originally joined PartnerRe in 2001 and held a number of executive positions including Chief Investment Officer, Head of Strategic Ventures, and CEO Life & Health, before retiring in 2014. In 2015, he rejoined PartnerRe at the time of the EXOR acquisition, as Interim CEO of Life and Health, and extended his commitment in 2016 by assuming the new role of Chief Risk and Actuarial Officer.
Clarke said; “I am grateful to Marvin for coming out of retirement first to transition leadership of our Life and Health operations to Marc Archambault and then to establish the role of Chief Risk and Actuarial Officer. Since Marvin first assumed the leadership of Life & Health in 2011, we have significantly expanded our offering to clients, most recently with the acquisition of Aurigen Re in North America. As Chief Risk and Actuarial Officer, Marvin has also strengthened our risk, capital and reserving teams and processes, ensuring they are well positioned for a new executive leader to build upon.
“As Tad and Marvin turn their focus to family and other personal and professional commitments, I would like to thank them for their valuable contribution to establishing the foundation upon which we will build for years to come.”