Global reinsurer PartnerRe Ltd (PartnerRe) has confirmed that CEO Jacques Bonneau is set to retire from the company, effective April 1, 2024, with Philippe Meyenhofer taking the reins as CEO and joining the board of directors.
To ensure a smooth transition, Jon Colello – currently serving as CEO of P&C Americas – will additionally assume the role of PartnerRe president, overseeing all non-life underwriting and reporting directly to Meyenhofer. In the interim, Bonneau will delegate the majority of his duties to Meyenhofer and Colello.
Meyenhofer, who has been with PartnerRe since 2010, has ascended through the ranks over the years. His journey has included appointments as head of specialty casualty PartnerRe global in 2013, head of Europe P&C in 2016, and deputy CEO P&C in 2018. In 2020, Meyenhofer assumed the role of CEO of PartnerRe's specialty lines.
In his new role, Meyenhofer will continue to be based in the company's Zurich office.
Colello, a member of PartnerRe's executive leadership team, has been responsible for leading the property & casualty business in the US, Canada, and Latin America, along with overseeing the company's health business in the US since joining in 2019.
In his new role, Colello will continue to be based in Stamford.
With immediate effect, Christian Mitterer assumed executive responsibility for specialty lines as specialty lines CEO, while Ingrid Gjonaj joined the executive leadership team as P&C EMEA CEO.
Mitterer, a member of the executive leadership team since 2012, previously served as CEO P&C EMEA.
Gjonaj, who has been with PartnerRe since 2006, has held senior positions in legal and underwriting and currently serves as head of region for Western and Southern Europe.
Commenting on the appointments, PartnerRe chairman Thierry Derez emphasised the organisation's internal talent pool.
“The fact that we are in the position to appoint PartnerRe's next CEO and president from within the company speaks to the strength and depth of talent in the organisation. Together, Philippe and Jon bring a wealth of industry experience, proven business and leadership skills, and strong track record in underwriting combined with a deep knowledge of PartnerRe's clients, brokers, and employees,” he said.
Derez expressed gratitude to Bonneau for his leadership over the past three and a half years, emphasising the strengthening of the company's business, strategic positioning, financial results, and operational excellence under his stewardship.
“Jacques also led the successful transition to Covéa ownership. Jacques has been a very dedicated and strong leader and we wish him all the best in his retirement,” he said.
Bonneau said: “I am proud of what we have achieved and the progress we've made in our various business and support units and operations with the improvement in our executional performance and delivery for our numerous stakeholders.
“I am confident PartnerRe is well positioned for future success and Philippe, Jon, and the executive leadership team provide continuity with their in-depth knowledge and insight of PartnerRe's people and business.”
In other news, Fitch Ratings recently deemed PartnerRe the outlier in terms of company profile compared to its peers.
