PartnerRe Ltd. said that two of its long-time executives are retiring.

Tad Walker, CEO Property & Casualty, and Marvin Pestcoe, chief risk and actuarial officer, will both retire from the company at the end of the first quarter of 2018, according to the company’s announcement.

PartnerRe is conducting external searches for Walker’s and Pestcoe’s successors.

Walker joined PartnerRe as head of Catastrophe in 2002 and has held the positions of chief underwriting officer for PartnerRe U.S. and president & CEO of North America. In June 2016, Walker assumed executive responsibility for PartnerRe’s property and casualty worldwide business segment.

“[Walker]has been an important member of PartnerRe’s executive team during a critical period as we transitioned PartnerRe to private ownership and established a new strategy and structure,” said PartnerRe President and CEO Emmanuel Clarke, referring to EXOR’s acquisition of the company in 2015.

“He assumed the role of CEO of the Property & Casualty business segment with the aim of firmly establishing our new strategy and strengthening the P&C leadership team. With the reorganization settled and with the appointments of James Beedle in Singapore as head of Asia-Pacific and Humberto Cabrera as head of Latin America in Miami, Tad has created momentum behind our worldwide P&C strategy,” added Clarke.

Pestcoe first joined PartnerRe in 2001 and held several executive positions with the company including chief investment officer, head of Strategic Ventures, and CEO Life & Health, before retiring in 2014. In 2015, Pestcoe rejoined PartnerRe at the time of the EXOR acquisition, as interim CEO of Life and Health, and extended his commitment in 2016 by assuming the new role of chief risk and actuarial officer.

“I am grateful to [Pestcoe] for coming out of retirement first to transition leadership of our Life and Health operations to Marc Archambault and then to establish the role of chief risk and actuarial officer,” said Clarke.

“Since [Pestcoe] first assumed the leadership of Life & Health in 2011, we have significantly expanded our offering to clients, most recently with the acquisition of Aurigen Re in North America. As chief risk and actuarial officer, [Pestcoe] has also strengthened our risk, capital and reserving teams and processes, ensuring they are well positioned for a new executive leader to build upon,” he went on to say.

Source: PartnerRe