PartnerRe Ltd. has announced three changes to its executive management team, including the appointment of a new chief financial officer (CFO) later this year.

Emmanuel Clarke will become CEO, PartnerRe Global effective from September 1, 2010, Bill Babcock will become executive vice-president and CFO, PartnerRe Ltd. effective from October 1, 2010 and Marvin Pestcoe will become CEO, PartnerRe Capital Markets Group effective from October 1, 2010.

All three executives will report to Costas Miranthis, chief operating officer, PartnerRe Ltd., and become members of PartnerRe's group executive committee.

The company previously announced that Mr. Miranthis will succeed Patrick Thiele as CEO of PartnerRe effective from January 1, 2011 and the decision of Albert Benchimol, executive vice-president, CFO, PartnerRe and CEO, Capital Markets Group, to leave the company at the end of this year.

Mr. Benchimol has served as executive vice-president and 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 five 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. 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, he 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. He will continue in his current role until September 1.

Mr. Babcock, currently group finance director, will assume the role of executive vice-president and CFO 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. He will also have executive management responsibility for Group IT.

Mr. Babcock has 20 years of professional experience, both in Mr. Babcock has 20 years of professional experience, both inpublic accounting and the reinsurance industry. Prior to joining PartnerRe in 2008, as group finance director, he held the position of chief accounting officer and director of financial operations at Endurance Specialty Ltd. He will continue in his current role until October 1.

Mr. Pestcoe will be responsible 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.

He has more than 26 years experience in the property and casualty insurance and reinsurance industry. Having joined PartnerRe in 2001 to lead the company's alternative risk operations, in 2008 he 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. He will continue his current responsibilities until October 1.

Mr. 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."

Mr. Miranthis said: "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."

Mr. Benchimol said: "Over the past 10 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."