PartnerRe has announced that Mario Bonaccorso, executive vice president and chief financial officer, will retire on March 31, 2020. He will be succeeded by Nicolas Burnet, who joins from Zurich Insurance, effective February 03, 2020. Meanwhile, Andrew Gibbs (pictured) was named as executive vice president and chief operations officer, effective October 14.
According to a statement from the international reinsurer, Bonaccorso will pursue a new entrepreneurial venture with financial support from EXOR. He will also be invited to join PartnerRe’s board of directors as a non-voting observer, so as not to be deemed an independent director according to NYSE listing rules.
Burnet, who will become executive vice president and chief financial officer, will also be a member of the executive leadership team. He joins from Zurich Insurance Group, where he held a number of leadership positions over the past 15 years, including chief risk officer and chief financial officer for global life, chief financial officer for general insurance, and, most recently, group head of planning and performance management. Prior to joining Zurich Insurance Group, Burnet was with Neuberger Berman.
“Mario has been very instrumental to the company’s progress since he joined in April 2016,” said PartnerRe president and CEO Emmanuel Clarke. “Mario has consistently delivered outstanding results and I am immensely grateful to him for what he has accomplished and what he leaves behind.”
“Nick brings deep experience in risk, capital, and finance functions in both the life and non-life businesses that will benefit us as we continue to grow as a composite reinsurance company,” Clarke added. “I look forward to working with him.”
In the newly created role of COO, Gibbs will oversee the company’s end-to-end underwriting processes, including underwriting support, reinsurance accounting, claims, payments and collections, as well as its legal, compliance and internal audit services.
According to the company, Gibbs brings more than 30 years’ experience in insurance, reinsurance, regulatory compliance, and financial services. He has held senior positions with the Bermuda Monetary Authority, Validus Holdings Ltd., ACE Group of Companies (now Chubb Group of Companies), and Ernst & Young. He joins PartnerRe from Maiden Reinsurance, where he had been executive chairman since January 2019.
“I am delighted to welcome Andy to the company as our COO,” Clarke commented. “His long career in the insurance and reinsurance industry, and his wealth of experience in reinsurance processes, accounting and regulatory matters, make him a great addition to the company and our executive leadership team.”