0000950103-10-002107.txt : 20100716 0000950103-10-002107.hdr.sgml : 20100716 20100716170645 ACCESSION NUMBER: 0000950103-10-002107 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20100712 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100716 DATE AS OF CHANGE: 20100716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARTNERRE LTD CENTRAL INDEX KEY: 0000911421 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14536 FILM NUMBER: 10957004 BUSINESS ADDRESS: STREET 1: WELLESLEY HOUSE SOUTH STREET 2: 90 PITTS BAY ROAD CITY: PEMBROKE STATE: D0 ZIP: HM 08 BUSINESS PHONE: 14412920888 MAIL ADDRESS: STREET 1: WELLESLEY HOUSE SOUTH STREET 2: 90 PITTS BAY ROAD CITY: PEMBROKE STATE: D0 ZIP: HM 08 FORMER COMPANY: FORMER CONFORMED NAME: PARTNER RE HOLDINGS LTD DATE OF NAME CHANGE: 19950725 8-K 1 dp18531_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 12, 2010

PartnerRe Ltd.
(Exact Name of Registrant as Specified in Charter)

	Bermuda
	(State or Other Jurisdiction of Incorporation)

001-14536		Not Applicable
(Commission File Number)		(IRS Employer Identification No.)

Wellesley House, 90 Pitts Bay Road, Pembroke, Bermuda		HM 08
(Address of Principal Executive Offices)		(Zip Code)


Registrant’s telephone number, including area code: (441) 292-0888

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On July 12, 2010, we announced that Albert Benchimol, the Chief Financial Officer of PartnerRe Ltd. (the “Company”), has determined to resign from his position. Mr. Benchimol will continue to serve as Chief Financial Officer through September 30, 2010 and will remain with the Company through his expected retirement date of December 31, 2010. It is expected that Mr. Benchimol and the Company will enter into a separation agreement.

(c) On July 12, 2010, the Company also announced that Bill Babcock has been appointed Executive Vice President and Chief Financial Officer of the Company effective October 1, 2010.

Mr. Babcock, 43 years old, is currently Group Finance Director. Upon his appointment as Chief Financial Officer, he will have responsibility for all aspects of the Company’s financial operations, including financial reporting and control, treasury and capital management, tax and investor relations. Mr. Babcock has 20 years of professional experience, both in public accounting and the reinsurance industry. Prior to joining PartnerRe in 2008, he held the position of Chief Accounting Officer and Director of Financial Operations at Endurance Specialty Ltd.

In his new position, Mr. Babcock will receive a base salary of $535,000 and an annual target incentive of 100% of base salary. He will also be granted an award of 12,500 share appreciation rights in connection with his promotion. It is expected that Mr. Babcock and the Company will enter into an employment contract.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release of PartnerRe Ltd., dated July 12, 2010
99.2		Press Release of PartnerRe Ltd., dated July 12, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PartnerRe Ltd. (Registrant)
Date:	July 16, 2010	By:	/s/ Amanda E. Sodergren
			Name:	Amanda E. Sodergren
			Title:	Chief Legal Counsel

Index to Exhibits

Exhibit No.		Description
99.1		Press Release of PartnerRe Ltd., dated July 12, 2010
99.2		Press Release of PartnerRe Ltd., dated July 12, 2010

EX-99.1 2 dp18531_ex9901.htm EXHIBIT 99.1

Exhibit 99.1

News Release

PartnerRe Ltd. Announces CFO Albert Benchimol to Retire from the Company

PEMBROKE, Bermuda, July 12, 2010 -- PartnerRe Ltd. (NYSE,Euronext:PRE) today announced that Executive Vice President and Chief Financial Officer Albert Benchimol will leave the Company, effective December 31, 2010.

Mr. Benchimol has served as EVP & CFO since he joined PartnerRe in 2000. In 2007, he took on the additional role of CEO of the Company’s Capital Markets Group. Over the past decade, the Company has solidified its position as a top 5 global reinsurer, and under Mr. Benchimol’s leadership, has built one of the strongest balance sheets in the industry with over $8 billion in capital and $18 billion in invested assets and cash, reflected by the second highest ratings package in the industry.

Mr. Benchimol said, “Over the past ten years, I have been part of PartnerRe’s evolution to a truly first class reinsurer, and I am proud to have been part of that success. PartnerRe is about to enter a new phase, with a new executive management team. I am confident they and the rest of my friends at PartnerRe will continue to build on the progress we have achieved. As for me, this transition marks a new beginning, and I look forward to new challenges and opportunities in the next phase of my career.”

CEO Patrick Thiele said, “Albert has been an important member of the Executive team at PartnerRe for more than a decade. His financial acumen, demonstrated leadership, good judgment and dedication to the people in the organization have made him a significant contributor to the success of the Company. I am confident that all of these qualities will ensure Albert’s success in whatever he chooses as the next stage of his career and we wish him well.”

__________________________________________

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2009, total revenues were $5.4 billion. At March 31, 2010, total assets were $24.8 billion, total capital was $8.2 billion and total shareholders’ equity was $7.4 billion.

PartnerRe on the Internet: www.partnerre.com

Contacts:	PartnerRe Ltd.	Sard Verbinnen & Co.
	(441) 292-0888	(212) 687-8080
	Investor Contact: Robin Sidders	Drew Brown/Briana Kelly
	Media Contact: Lisa Lewis

PartnerRe Ltd.	Telephone +1 441 292 0888
Wellesley House, 5th Floor	Fax +1 441 292 6080
90 Pitts Bay Road	www.partnerre.com
Pembroke, Bermuda HM 08

EX-99.2 3 dp18531_ex9902.htm EXHIBIT 99.2

Exhibit 99.2

News Release

PartnerRe Announces Executive Management Changes

●	Emmanuel Clarke succeeds Costas Miranthis as CEO, PartnerRe Global

●	William (Bill) Babcock succeeds Albert Benchimol as Executive Vice President, CFO, PartnerRe Ltd.

●	Marvin Pestcoe succeeds Albert Benchimol as CEO, PartnerRe Capital Markets Group

PEMBROKE, BERMUDA, July 12, 2010 – PartnerRe Ltd. (NYSE,Euronext:PRE) today announced three executive management changes. Emmanuel Clarke will become CEO, PartnerRe Global effective September 1, 2010. Bill Babcock will become Executive Vice President, CFO, PartnerRe Ltd. effective October 1, 2010. Marvin Pestcoe has been appointed CEO, PartnerRe Capital Markets Group effective October 1, 2010. All three executives will report to Costas Miranthis, COO, PartnerRe Ltd., and become members of PartnerRe’s Group Executive Committee. The Company previously announced that Costas Miranthis will succeed Patrick Thiele as CEO of PartnerRe Ltd. effective January 1, 2011 and the decision of Albert Benchimol, Executive Vice President, CFO, PartnerRe Ltd. and CEO, Capital Markets Group, to leave the Company.

As CEO, PartnerRe Global, Emmanuel Clarke will be responsible for the executive management of all PartnerRe’s Global operations – the Company’s underwriting operations outside of North America.

With 16 years experience in the reinsurance industry, Mr. Clarke is currently the Head of Specialty Lines, Global and Deputy CEO, PartnerRe Global. Mr. Clarke joined PartnerRe in 1997, with the acquisition of SAFR, and was appointed Head of Credit and Surety, Global in 2001, and Head of Property and Casualty, Global in 2006. Mr. Clarke will continue in his current role until September 1.

Bill Babcock, currently Group Finance Director, will assume the role of Executive Vice

President and Chief Financial Officer with responsibility for all aspects of the Company’s financial operations. This includes financial reporting and control, treasury and capital management, and tax, as well as investor relations. Mr. Babcock will also have executive management responsibility for Group I.T. (Information Technology).

Mr. Babcock has 20 years of professional experience, both in public accounting and the reinsurance industry. Prior to joining PartnerRe in 2008, as Group Finance Director, he

PartnerRe Ltd.	Telephone +1 441 292 0888
Wellesley House, 5th Floor	Fax +1 441 292 6080
90 Pitts Bay Road	www.partnerre.com
Pembroke, Bermuda HM 08

News Release

held the position of Chief Accounting Officer and Director of Financial Operations at Endurance Specialty Ltd. Mr. Babcock will continue in his current role until October 1.

Marvin Pestcoe will become CEO, PartnerRe Capital Markets Group with responsibility for all of PartnerRe's investment operations and capital markets risks. These include the Company's fixed income portfolio as well as public and private equity, Insurance Linked Securities and alternative fixed income investments.

Mr. Pestcoe has more than 26 years experience in the property and casualty insurance and reinsurance industry. He joined PartnerRe in 2001 to lead the Company’s alternative risk operations, and in 2008 was appointed Deputy Head of Capital Markets Group and Head of Capital Assets. Prior to joining PartnerRe, Mr. Pestcoe was employed by Swiss Re New Markets as Chief Actuarial Officer. Mr. Pestcoe will continue his current responsibilities until October 1.

PartnerRe Ltd. President and CEO, Patrick Thiele said, “I’d like to extend my congratulations to Emmanuel, Bill and Marvin on their new roles. I’m confident that they are well prepared to take on their new responsibilities, and that they will support Costas Miranthis in leading the organization when he takes the reins as CEO of PartnerRe.”

Costas Miranthis, COO, PartnerRe Ltd. added, “I am pleased to promote these executives to their new roles. Bill, Emmanuel and Marvin’s strong track record within PartnerRe as well as their deep understanding of the industry means we will continue our evolution as a global reinsurer while preserving the fundamentals that have contributed to our long-term success.”

___________________________________________

PartnerRe on the Internet: www.partnerre.com

Contacts:	PartnerRe Ltd.	Sard Verbinnen & Co.
	(441) 292-0888	(212) 687-8080
	Investor Contact: Robin Sidders	Drew Brown/Briana Kelly
	Media Contact: Lisa Lewis

PartnerRe Ltd.	Telephone +1 441 292 0888
Wellesley House, 5th Floor	Fax +1 441 292 6080
90 Pitts Bay Road	www.partnerre.com
Pembroke, Bermuda HM 08

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