NU Online News Service, May 4, 11:57 a.m. EST

PartnerRe Ltd. in Pembroke, Bermuda, announced that Patrick Thiele, president and chief executive officer, has decided to retire, effective Dec. 31.

Mr. Thiele will also step down from the company's board of directors at that time.

Mr. Thiele took over the helm of PartnerRe in 2000, when founder Herbert Haag retired. He has held the positions of president and CEO since Dec. 1, 2000.

The company said in its announcement that the board of directors has anticipated Mr. Thiele's decision to retire and is executing its CEO succession plan. The board expects to announce a successor following the company's May 12 board meeting.

Mr. John Rollwagen, chairman of PartnerRe's board, called Mr. Thiele "an outstanding leader [who] is responsible for transforming the company into one of the world's leading global reinsurance companies, with total capital of more than $8 billion."

"PartnerRe's track record, position in the market and reputation as a well-managed company all speak directly to [his] leadership," Mr. Rollwagen said.

"Most importantly," the chairman said that Mr. Thiele "has fostered an organization and culture with the principles and values that will sustain PartnerRe's ability to thrive far into the future."

In a 2006 interview with National Underwriter, Mr. Thiele contrasted the maturity of his company with newer startup players in the Bermuda market that he said were very dependent on one or a few individuals.

"We have tried to institutionalize a risk management culture, so that [we can] get consistency of results over time, regardless of the executive in charge of the company at any given point," he said during the interview.

In today's statement, Mr. Thiele, commenting on his decision to retire, said, "I have always believed that 10 years is an appropriate amount of time to serve as a CEO, and given the position PartnerRe is in today, this is the right time for the company, too."

"By the end of 2010, I will have had the privilege of working with some of the most talented professionals in the reinsurance business for 10 years, and I am proud of what we have created together--a company that has the strength and depth to take on whatever the market may send its way.

"I look forward to working with my successor on a smooth transition in leadership, and then to a 'lower-risk' life with my family," he said.

PartnerRe, a global multiline reinsurer, reported $1.5 billion of net income in 2009 and gross written premiums of $4 billion. Last year, PartnerRe acquired Paris Re, strengthening the overall capital position by more than $2 billion.

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