PartnerRe has named Mario Bonaccorso, formerly managing director (MD) at EXOR, as chief financial officer (CFO).
Bill Babcock, who has served as executive vice president (EVP) and CFO at PartnerRe since October 2010, will leave the company to pursue other opportunities.
Bonaccorso has resigned from his position as MD at EXOR and from the PartnerRe Board, and will immediately assume responsibility for all of PartnerRe’s financial operations and investments, reporting to PartnerRe’s president and chief executive officer (CEO), Emmanuel Clarke.
Bonaccorso was appointed MD of EXOR in October 2007 where he was responsible for investments and for the management of EXOR’s portfolio of companies.
With his appointment, Bonaccorso joins PartnerRe’s executive management team and will be based at the company’s main offices in Bermuda. In order to ensure a smooth transition, Babcock will remain as EVP through the summer to support Bonaccorso during the transition period.
In addition to this change, Charles Goldie, CEO PartnerRe Global, and Marvin Pestcoe, CEO Life, Health and Strategic Ventures, have been appointed to PartnerRe’s executive management team. Other executive managers, Tad Walker, president and CEO of PartnerRe North America, and Laurie Desmet, EVP and chief operations officer, will continue in their current roles.
Clarke said: “I would like to welcome Mario to PartnerRe. His financial acumen and broad experience in managing EXOR’s portfolio of companies will be extremely valuable.
“The additions of Mario, Charlie and Marvin to the Executive Committee further strengthen our leadership team, bringing new skills, deep experience and a fresh outlook as we seek to take PartnerRe to the next level.”
He added: “At the same time, we are sorry to see Bill go. He has been a highly valuable CFO and member of our executive team, having successfully led a number of strategic initiatives during his tenure at PartnerRe.
“We will miss his deep knowledge of the industry, his sound judgement and his unflagging energy. We thank him for his considerable contribution to PartnerRe and we wish him the very best in his future endeavors.”
PartnerRe, EXOR, CFO, Appointment, Mario Bonaccorso, Emmanuel Clarke, Bermuda