Bermuda-based reinsurer PartnerRe Ltd. today announced that chief executive officer Patrick Thiele will retire at the end of this year.

During his ten-year tenure with the company, Mr. Thiele has overseen the growth of PartnerRe into a top-five global reinsurer.

In a statement released this morning, PartnerRe said it expected to name Mr. Thiele’s successor after a board meeting on Wednesday of next week.

Mr. Thiele said: “I have always believed that ten years is an appropriate amount of time to serve as a CEO, and given the position PartnerRe is in today, this is the right time for the company too.

“By the end of 2010, I will have had the privilege of working with some of the most talented professionals in the reinsurance business for ten years, and I am proud of what we have created together – a company that has the strength and depth to take on whatever the market may send its way.

“I look forward to working with my successor on a smooth transition in leadership, and then to a ‘lower-risk’ life with my family.”

PartnerRe chairman John Rollwagen said: “Patrick is an outstanding leader for PartnerRe, and is responsible for transforming the company into one of the world’s leading global reinsurance companies, with total capital of more than $8 billion.

“PartnerRe’s track record, position in the market and reputation as a well managed company all speak directly to Patrick’s leadership.”

* Read more in the Business section of tomorrow’s Royal Gazette.