Bermuda-based PartnerRe Ltd. announced that Patrick Thiele, the Company’s President and CEO, has decided to retire, effective December 31, 2010. He will also step down from the Company’s Board of Directors at that time.
Thiele has held the position of President and CEO since December 1, 2000. PartnerRe said its Board of Directors had “anticipated Mr. Thiele’s decision to retire and is executing its CEO succession plan. The Board expects to announce a successor following the Company’s Board meeting that will take place on May 12, 2010.”
Mr. John Rollwagen, Chairman of PartnerRe’s Board, commented: “Patrick is an outstanding leader for PartnerRe, and is responsible for transforming the Company into one of the world’s leading global reinsurance companies, with total capital of more than $8 billion.
“PartnerRe’s track record, position in the market and reputation as a well managed company all speak directly to Patrick’s leadership. Most importantly, Patrick has fostered an organization and culture with the principles and values that will sustain PartnerRe’s ability to thrive far into the future. The Board of Directors joins me in thanking Patrick for his contribution to PartnerRe’s success, and looks forward to working with him for the remainder of the year.”
Commenting on his decision to retire, Thiele stated: “I have always believed that ten years is an appropriate amount of time to serve as a CEO, and given the position PartnerRe is in today, this is the right time for the Company too.
“By the end of 2010, I will have had the privilege of working with some of the most talented professionals in the reinsurance business for ten years, and I am proud of what we have created together – a Company that has the strength and depth to take on whatever the market may send its way. I look forward to working with my successor on a smooth transition in leadership, and then to a ‘lower-risk’ life with my family.”
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