PartnerRe Ltd. yesterday announced changes in its operating structure following its expansion through the acquisition of Paris Re.

And the Bermuda-based reinsurer also announced that Paris Re chief executive officer Hans-Peter Gerhardt — along with four other top executives of the acquired company — will leave "to pursue other opportunities".

PartnerRe writes most of its business through subsidiaries around the world.

The company said yesterday it will make changes to its three major operating units — PartnerRe North America (formerly known as PartnerRe US), PartnerRe Global and PartnerRe Capital Markets — to reflect the group's expansion.

PartnerRe Global, which includes reinsurance written outside the US and Canada, will expand its business unit structure to include a new Facultative unit, reflecting the increase in business and expertise that comes with the Paris Re facultative operations.

The new unit will be led by Dom Tobey, who joined PartnerRe in 2001 and was the former head of risk management and reserves for PartnerRe Global.

Paris Re business sourced outside of the US and Canada will be integrated into one of the five business units within PartnerRe Global: Catastrophe, Global P&C Specialty Lines, Facultative and Life.

To accommodate the increased size of PartnerRe Global, there will be changes in the executive management structure, the company said.

Michel Plecy, formerly head of treaty underwriting and marketing at Paris Re, will be appointed deputy CEO, Global and oversee the Catastrophe and Global P&C business units.

Emmanuel Clarke, head of the Specialty Lines business unit, will also be appointed deputy CEO, Global, and will oversee the Specialty Lines and Facultative business units. Christophe Boizard, chief financial officer of Paris Re, will join the executive management team for PartnerRe Global.

PartnerRe US will expand to include Canada business and will become PartnerRe North America. PartnerRe's Canada operations, formerly part of the Global P&C business unit will combine with the Paris Re Canada operations, and will become one business unit.

The Canada business unit will be led by Herve Castella. Mr. Castella joined PartnerRe in 1999 and has held the positions of underwriter in the company's ART unit and head of research for the Catastrophe unit. Most recently, he has held the position of head account executive.

PartnerRe also said that Paris Re management board members Mr. Gerhardt, chief underwriting officer Jean-Luc Gourgeon, head of human resources Marie-Helene Autem, and general counsel Frank Papalia have decided to leave. All members of the Paris Re management board will maintain their responsibilities throughout the integration period, until June 30, 2010.

PartnerRe CEO Patrick Thiele said: "On July 1, we will be operating as one integrated group. These organisational changes reflect the increased depth and breadth of the re-sized PartnerRe — a larger, stronger and more stable reinsurer, with the same consistency, responsiveness and continuity that our clients have come to expect."

PartnerRe on Wednesday announced net income of $1.5 billion for 2009, on total revenues of $5.4 billion.