PartnerRe’s CFO is stepping down, and an executive from new corporate parent EXOR is replacing him.
The Bermuda-based reinsurer disclosed that Bill Babcock, its executive vice president and chief financial officer since 2010, would leave the company “to pursue other opportunities.”
Mario Bonaccorso, formerly managing director at EXOR, will become the new CFO pending Bermuda immigration approval. PartnerRe said he resigned from his position at the Italian investment firm and also from the PartnerRe board, and will immediately assume responsibility for all PartnerRe financial operations and investments.
Bonaccorso will be based in Bermuda and report to PartnerRe President and CEO Emmanuel Clarke. Babock will stay on as executive vice president through the summer to help with the transition.
Clarke said in prepared remarks that Babcock “has been a highly valuable CFO and member of our executive team.” He also credited him with leading “a number of strategic initiatives” during his time with the reinsurer.
Clarke himself is new to his role at PartnerRe. EXOR closed its $6.9 billion acquisition of the reinsurer in March, after which it designated Clarke as CEO. He had been president since early September after months of interim leadership, and helped finalize the acquisition deal.
In other personnel moves at Partner Re, Charles Goldie, CEO of PartnerRe Global, and Marvin Pestcoe, CEO Life, Health and Strategic Ventures, have been appointed to PartnerRe’s executive management team.