PartnerRe has appointed Reuben Jeffery and Sylvestre Frezal to its board of directors.
Jeffery is the former president and chief executive officer of Rockefeller & Co. He was also employeed at Goldman, Sachs & Co., where he was managing director and head of the European financial institutions group and of the Goldman Paris office.
Meanwhile, Frezal is chief of staff to the CEO of Covéa Group. He joined Covéa in 2018 and has held various positions in the Company and in the wider insurance industry. Before joining Covéa, he worked as an insurance supervisor and held several senior positions at Generali France.
Thierry Derez, chairman of the PartnerRe board, said: “On behalf of the board, Jacques Bonneau and I are pleased to welcome Reuben and Sylvestre. Their diverse and strong backgrounds will bring a wealth of experience to the Board. In particular, Reuben’s experience in financial services, in both the public and private sectors, will further enhance the strength of the PartnerRe board.”
PartnerRe said its board, following the new appointments, will comprise nine directors, four of whom are independent of the company.
This news comes following this week’s release of results from PartnerRe that showed the firm reporting a net loss of $387m for Q3 2022 as the firm recorded a non-life underwriting loss of $100m on the back of losses related to Hurricane Ian of $300m, and unrealised losses on fixed maturities and short-term investments of $499m.
The Q3 2022 loss compares with net income of $70m a year earlier, when PartnerRe posted a non-life underwriting profit of $4m amid catastrophe losses of $297m.
For this year’s quarter, the non-life combined ratio has deteriorated year-on-year to 106.9%, compared with 99.8% last year.
Across the group, the operating performance also suffered this year and fell to a loss of $62m, which the firm attributes to the $300m of Hurricane Ian losses, net of retrocession and reinstatement premiums.
Group-wide, gross written premiums (GWP) increased by 3% for the quarter and net premiums written (NPW) by 6%.