Bermudian-based reinsurer PartnerRe Ltd has announced changes to its executive leadership team.

Chief financial officer Mario Bonaccorso is set to retire from the company, Nicolas Burnet is to replace Mr Bonaccorso, and Andrew Gibbs is to join in the newly created position of chief operations officer.

Mr Burnet will join PartnerRe on February 3, subject to regulatory and immigration approvals. He will serve as an executive vice-president, and member of the executive leadership team, and will succeed Mr Bonaccorso as CFO on April 1 next year.

Mr Gibbs’s appointment as executive vice-president and COO is effective on Monday. Both he and Mr Burnet will be located in the company’s headquarters in Bermuda.

Mr Bonaccorso, executive vice-president and CFO, will retire on March 31 next year to pursue a new entrepreneurial venture with financial support from Exor, the company said. He will join PartnerRe’s board of directors as an observer “as he would not be deemed an independent director per NYSE listing rules”.

Emmanuel Clarke, chief executive officer of PartnerRe said of Mr Bonaccorso’s retirement: “Mario has been very instrumental to the company’s progress since he joined in April 2016. He has successfully led a number of strategic initiatives, including our efficiency efforts which have led to a significant reduction in our expense ratio, the optimisation of our capital structure and the reduction in our financing costs, the improvement of our financial strength ratings and the build-up of our third-party capital platform.”

Mr Clarke added: “Mario has consistently delivered outstanding results and I am immensely grateful to him for what he has accomplished and what he leaves behind.

“While we will miss Mario’s executive contribution, we will continue to benefit from his insights and contributions with his participation on the PartnerRe Ltd board of directors.”

Mr Burnet joins PartnerRe from Zurich Insurance Group, where over the past 15 years he has held a number of leadership positions, including chief risk officer and chief financial officer, global life; chief financial officer, general insurance; and most recently group head of planning and performance management. Prior to joining Zurich, Mr Burnet was with Neuberger Berman, the company said.

Mr Clarke said: “Nick brings deep experience in risk, capital, and finance functions in both the life and non-life businesses that will benefit us as we continue to grow as a composite reinsurance company. I look forward to working with him.”

Mr Gibbs will have responsibility over the company’s end-to-end underwriting processes, including underwriting support, reinsurance accounting, claims, payments and collections, as well as its legal, compliance and internal audit services.

He has more than 30 years’ experience in insurance, reinsurance, regulatory compliance and financial services, having held senior positions with the Bermuda Monetary Authority, Validus Holdings Ltd, Ace (now Chubb) and Ernst & Young, the company said.

He joins PartnerRe from Maiden Reinsurance Ltd, where he has held the position of executive chairman since January.

Mr Clarke said: “I am delighted to welcome Andy to the company as our COO. His long career in the insurance and reinsurance industry, and his wealth of experience in reinsurance processes, accounting and regulatory matters, make him a great addition to the company and our executive leadership team.”