Mr. Babcock will be responsible for all aspects of the company's financial operations and will also have executive management responsibility for Group IT.

Mr. Babcock joined PartnerRe in 2008 and is currently group finance director.

The company also announced that Marvin Pestcoe has been named chief executive officer of PartnerRe Capital Markets Group, replacing Albert Benchimol.

Mr. Pestcoe will be responsible for all of PartnerRe's investment operations and capital markets risks.

He joined ParnterRe in 2001 and is currently deputy head of Capital Markets Group and head of Capital Assets.

Mr. Babcock and Mr. Pestcoe will assume their new positions on Oct. 1.

Oldwick, N.J.-based A.M. Best said Partner Re's ratings remain unchanged following the changes to the executive management team.

"A.M. Best believes that any potential concerns regarding the number and/or significance of the recent management changes announced at PartnerRe are largely mitigated by the depth of experience, the continuity and the length of the transition period provided," the rating agency said. "In addition, PartnerRe has a very strong enterprise risk management framework, including a well thought out succession plan, which will support the company during this transition."

PartnerRe also announced it has successfully concluded a voluntary severance plan for Paris-based employees of Paris Re, which PartnerRe acquired (http://www.property-casualty.com/News/2009/9/Pages/PartnerRe-Moves-To-Speed-Up-Paris-Re-Deal.aspx?k=paris+re) in 2009.

PartnerRe said it has now completed the integration of all Paris Re employees into its new operating structure.

Employees participating in the voluntary plan have leaving dates over the next 18 months, PartnerRe said, and will receive salary and other employment benefits until they leave the company.