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Original Risk: A Society for Change Agents

Castella stays in charge of third-party capital at PartnerRe


Following its previously announced plans to restructure and reorganise, reinsurance firm PartnerRe has announced a range of appointments, which includes news that Herve Castella will remain Head of Third Party Capital at the reinsurer.

Bermuda domiciled reinsurer PartnerRe was acquired by Italian investment holding company EXOR S.p.A almost a year ago, and at the end of last month announced plans to restructure its operations to focus on increasing client value.

Now the firm has announced a series of appointments within in its three worldwide business segments established following its restructure, being Property & Casualty (P&C), Specialty Lines, and Life & Health.

Furthermore, PartnerRe stated that Herve Castella would continue to lead the firm’s insurance-linked securities (ILS) business, an important part of the reinsurer’s business structure and operations.

This includes its Lorenz Re sidecar and a catastrophe bond fund that PartnerRe has operated since 2006, and some quota share business with third-party investors.

Artemis discussed in 2015 that PartnerRe was managing $134 million of third party capital through its Lorenz Re sidecar, after the firm refocused the vehicle to be used for its segregated account status.

Reporting to Tad Walker, Castella will continue to be responsible for the sourcing of third party reinsurance capital and catastrophe retrocession; mechanisms and capacity the reinsurer utilises to increase the efficiency and diversification of its operations.

Leading the new divisions are Tad Walker; Property & Casualty, Charles Goldie; Specialty Lines, and Marvin Pestcoe; Life & Health.

“We are delighted to appoint such highly experienced professionals to lead our underwriting teams.

“All of these individuals bring a wealth of knowledge and a strong client orientation to their roles. I am confident that together with their teams they will help ensure we are achieving our ambition to build meaningful partnerships with our clients and brokers,” said PartnerRe President and Chief Executive Officer (CEO), Emmanuel Clarke.

Effective July 1st, 2016 the new company structure is designed to enable the reinsurer to increase its value to clients across the world, with a focus on better aligning global expertise with the demands and needs of its clients, explains PartnerRe.

Announcing the restructure, Clarke said; “These changes are part of an ongoing evolution. With a highly diversified product offering of non-life and life reinsurance worldwide and solid financial strength, PartnerRe is already well positioned to meet our clients’ evolving reinsurance needs.

“Over time, our clients will also experience PartnerRe as an organization that lives up to its name – able to build meaningful partnerships that help our clients address their risk needs and grow their business.”

Along with division heads, PartnerRe announced a series of segment leaders within its new business structure, provided below, and also that Scott Altstadt has been appointed to the newly created role of Chief Underwriting Officer (CUO).

Within its new Property & Casualty division Dick Sanford will lead North America, Philippe Meyenhofer, Europe; Alain Flandrin, Asia Pacific; Salvatore Orlando, Middle East, Africa & Russia and Ad Interim Latin America; and Greg Haft, Global Catastrophe – worldwide Catastrophe programs.

In Specialty Lines Rinat Bektleuov will lead Agriculture, Benjamin Weber, Aviation and Space; Christopher Renia, Financial Risks; Ian Houston, Specialty Property; and Charles Goldie, Specialty Marine, Offshore Energy & Multiline.

And finally, in Life & Health Dean Graham will lead Life, while Daniel Bolgar will lead the Health division.

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