Costas Miranthis will succeed Patrick Thiele as chief executive officer of PartnerRe from the start of next year, the company announced last night.

Mr. Thiele announced last week that he intends to retire at the end of the year after leading the Bermuda company through a decade of growth to its current status as a top-five global reinsurer.

Mr. Miranthis was last night named president and chief operating officer of PartnerRe, subject to approval by the Immigration Department.

Mr. Miranthis, 46, is currently CEO, PartnerRe Global, and is a member of the PartnerRe Group Executive Committee.

Appointed to his current role in May 2008, Mr. Miranthis is responsible for the executive management of the company's Life operations, all non-Life reinsurance operations and support functions outside the US.

In 2007, Mr. Miranthis was appointed deputy CEO, PartnerRe Global, and was responsible for the management of all Global business units.

He joined the company in 2002 as chief actuary with responsibility for PartnerRe's actuarial and IT functions. Prior to joining PartnerRe, Costas spent 16 years with Tillinghast-Towers Perrin in London UK, most recently as principal.

PartnerRe Ltd. also named its new chairman yesterday - Jean-Paul Montupet, who replaces John Rollwagen, who will remain on the board.

Mr. Montupet joined the PartnerRe board in 2002 and has served on the nominating and governance, risk and finance, human resources and compensation committees.

He has been an executive vice-president of Emerson since 1990, and is currently in charge of the Industrial Automation Business and of Emerson Europe; he is also an advisory director of Emerson. In addition, Mr. Montupet is a director of Lexmark International Inc.

Mr. Rollwagen said: "In the three terms I've served in this role, I am most proud of the work the board has undertaken to fully develop our corporate governance practices."

Mr. Montupet said: "I look forward to continuing the work we have initiated at the board level to address the opportunities ahead. In the position of chairman, I know I will benefit from the expertise and insight that exists among my fellow board members."

The new chairman added: "The selection of Costas as Patrick's successor is the result of a long-term succession planning process focused on ensuring PartnerRe's next leader has the experience, skill sets and intellectual capital to lead the company forward, with the knowledge of the core values and strengths that make PartnerRe successful. We are fortunate to have had strong internal candidates."

Mr. Thiele said: "I fully support the board's decision to name Costas as my successor, and I am confident that I will leave PartnerRe in good hands when I retire at the end of this year.

"The fact that we are in the position to appoint PartnerRe's next CEO from within the company is a testament to the strength and depth of talent at this organisation.

"I know that Costas, with the support of the executive management, will continue to build a well managed company that provides unquestionable security for its clients and an appropriate return for its shareholders."

Mr. Miranthis said: "I am very happy to accept the board's offer to succeed Patrick. I have enjoyed working together with Patrick and my executive colleagues to build this company into the reinsurance leader it is today.

"I look forward to continuing to work with the Board and management team to build on the success we have achieved so far."