AXIS/PARTNER RE UPDATE EMPLOYEES AS TO PROGRESSION OF MERGER

Axis Capital and PartnerRe employees can expect a full picture of how the two organisations will integrate by the middle of April, according to a memo sent to staff at both firms. The message, addressed from Axis Capital’s chief executive Albert Benchimol and PartnerRe’s interim chief executive David Zwiener, said business and functional leaders had already previewed their proposed high-level operating models with the company’s management. “More than just an exercise in combining systems and processes, the future leaders were instructed to “think big” and take a transformational approach to their future operations. Meanwhile, the Integration Steering Committee is organizing the integration planning process. This includes the identification of workstreams and their respective co-leads from both AXIS and PartnerRe,” the message said. Once the target operating models have been approved and workstreams are in place, companies’ said workstream co-leads will jointly identify positions and potential candidates. “Both PartnerRe and AXIS employees will be considered for all positions and will be assessed against the requirements for the job. Oversight of the organizational structure and role selection will lie with the Integration Steering Committee. “