PartnerRe, now owned by Italian investment firm EXOR after a $6.9 billion acquisition, has added “CEO” to company president Emmanuel Clarke’s title.
The Bermuda-based reinsurer said that Clarke will take on the added executive responsibility pending approval by Bermuda immigration.
Clarke became president at PartnerRe in early September, after months of interim leadership, and he worked with interim CEO David Zwiener to help complete the acquisition deal in March, after which Zwiener stepped down.
Clarke is a long-time veteran at PartnerRe, having begun as an underwriter in 1997. Since then, he served in various executive positions, most recently as CEO of PartnerRe global, a division he helped restructure. He’s been part of PartnerRe’s executive management team since 2010 and is credited with helping to build its global reinsurance business.
Separately, John Elkann, chairman and CEO of EXOR, has been appointed chairman of PartnerRe’s board of directors. He credited Clarke’s “intimate knowledge” of PartnerRe and his deep understanding of the sector” as being crucial in the months ahead as the company addresses a tough reinsurance climate.
After EXOR closed its acquisition of PartnerRe, Fitch Ratings responded with a ratings downgrade, reflecting some pessimism about Partner Re’s position in the tough reinsurance market despite solid credit status and capitalization.