PartnerRe chief risk officer and P&C CEO depart

Bermuda-based PartnerRe has announced that its CEO of property and casualty Tad Walker, and chief risk and actuarial officer Marvin Pestcoe are set to retire from the company at the end of first quarter 2018.

The company said that it is conducting external searches for Walker and Pestcoe successors.

"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," said PartnerRe president and CEO Emmanuel Clarke.

Walker has been with the company for more than 15 years. He joined PartnerRe as head of catastrophe in 2002 and has held the positions of chief underwriting officer for PartnerRe US and president and CEO of North America. In June 2016, Walker assumed executive responsibility for PartnerRe’s property and casualty worldwide business segment.

Pestcoe first joined PartnerRe in 2001 and held several executive positions with the company including chief investment officer, head of strategic ventures, and CEO life and health, before retiring in 2014. In 2015, Pestcoe rejoined PartnerRe at the time of the EXOR acquisition, as interim CEO of life and health, and assumed the new role of chief risk and actuarial officer in 2016.

"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," Clarke commented.

"He assumed the role of CEO of the property and 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," he continued.

Clarke added: "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."

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