Patrick Thiele will take over the helm of PartnerRe in December when the present CEO Herbert Haag retires.

Mr. Thiele, 49, has more than 25 years of experience in the insurance and finance industry. Most recently he held the position of Group Director for Development at CGNU. Prior to that he was the president and CEO of The St.

Paul Company's worldwide insurance operations.

While at CNGU Mr. Thiele oversaw all aspects of strategic development and e-commerce initiatives, and was responsible for the recently announced divestiture of CNGU's US operations.

As CEO of The St. Paul's worldwide insurance operations, revenues increased 65 percent and the company grew to be the fourth largest commercial lines carrier and eighth largest property and casualty insurer in the US.

Chairman of PartnerRe's Board, David McLaughlin said that Mr. Thiele's unique skills would help the company to move forward.

"As the financial services industry converges, Patrick Thiele's broad-based capital markets and insurance experience makes him an ideal individual to serve as the next president and CEO of PartnerRe,'' he said.

"Patrick brings a combination of an exceptional track record of optimising performance and delivering growth, and a clear commitment to basic strategy and core principles upon which PartnerRe is based.'' Mr. Haag who has been at the helm of PartnerRe since its inception in August 1993, had previously announced his intention to retire to pursue personal interests.

Since organising the company's successful initial public offering in 1993, Mr.

Haag has overseen the company's growth and change of direction from a specialised property catastrophe reinsurer into one of the world's leading diversified reinsurance groups.

At the request of the PartnerRe Board, Mr. Haag has agreed to remain as advisor to the company until January 2003.

BUSINESS BUC