Mario Bonaccorso, the Executive Vice President and Chief Financial Officer of Bermudian reinsurer PartnerRe, is to depart the company on 31 March 2020 in order to pursue a new entrepreneurial venture.
Bonaccorso will be succeeded by Nicolas Burnet, who joins from Zurich after serving across a number of senior positions for the last 15 years.
Burnet is set to join the firm on 3 February 2020, and is subject to regulatory and immigration approvals.
PartnerRe says Bonaccorso will be invited to join its board of directors as a non-voting observer, as he would not be deemed an independent director per NYSE listing rules.
“Mario has been very instrumental to the Company’s progress since he joined in April 2016,” said PartnerRe’s President and Chief Executive Officer Emmanuel Clarke.
“He has successfully led a number of strategic initiatives, including our efficiency efforts which have led to a significant reduction in our expense ratio, the optimization of our capital structure and the reduction in our financing costs, the improvement of our financial strength ratings and the build-up of our third-party capital platform.
“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,” Clarke added.
Commenting on Burnet’s appointment, Clarke noted his deep experience in risk, capital, and finance functions in both the Life and Non-Life businesses.
PartnerRe has also announced the appointment of Andrew Gibbs as Executive Vice President and Chief Operations Officer, a newly-created position.
Effective 14 October, Gibbs will oversee the end-to-end underwriting processes, including underwriting support, reinsurance accounting, claims, payments and collections, as well as its legal, compliance and internal audit services.
He brings over 30 years’ experience and joins from Maiden Reinsurance, where he has held the position of Executive Chairman since January 2019.
“I am delighted to welcome Andy to the Company as our COO,” said Clarke. “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.”
Both Burnet and Gibbs will be based at PartnerRe’s headquarters in Bermuda.