PartnerRe
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The Bermuda reinsurer has been active in ILS since launching in 2007. -
The loss was driven by nat cats and reserve adjustments in US casualty.
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Matthew Doherty joined the reinsurer in 2018 as SVP, property portfolio manager.
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The segment’s underwriting results halved to $532mn in 2024 from $1.07bn in the prior year.
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The executive has worked in a variety of senior underwriting roles at the reinsurer.
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The executive will replace retiree Michael Miller.
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The executive has also served as agriculture reinsurance VP at Navigators.
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The results were impacted by cat events and reserve strengthening in US casualty.
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Markel executive Alan Rodrigues will lead the unit.
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Richard Chu joins from PartnerRe, where he was head of financial risks for Asia Pacific.
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The reinsurer experienced a “notable decrease” of catastrophe losses last year.
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The company has improved performance and brought in new top management – but its direction under Covéa remains to be seen.
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Jon Colello will become president in the management shake-up.
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Benjamin Weber is set to retire in early 2024 after 25 years at the carrier.
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The company said the NEP expansion reflected 6% growth in P&C, 7% in specialty lines and 21% in L&H.
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Jarrier has been with the carrier for over two decades, most recently as head of worldwide pricing and analytics.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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The ratings agency said PartnerRe would act as a ‘natural diversifier’ to Covéa’s operations.
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The appointments to the board begin with immediate effect.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
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She will succeed CFO and EVP Nick Burnet, who will be leaving the company to pursue other opportunities.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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The transaction between the two parties closed last week following a lengthy saga.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
