TransRe, the global reinsurance arm of Alleghany Corporation, has announced that it is promoting Ken Brandt to President and Chief Executive Officer (CEO), as incumbent Mike Sapnar has announced his intention to depart the company.
Sapnar joined TransRe in 1995, working as a specialty casualty underwriter, underwriting D&O, E&O and Medical Malpractice.
Between 1998 and 2002, he worked as the Underwriting Manager of TransRe’s London branch office before returning to the US as Chief Underwriting Officer for the reinsurers’ Domestic Operations.
Sapnar took on the CEO role in 2012 and has helped the reinsurance company build its franchise into a leading global player.
Sapnar is to depart TransRe at the end of April and is moving on to pursue another opportunity, according to the company.
In his place, Ken Brandt, a member of the senior leadership team at TransRe since 2006 and currently TransRe’s Co-President of Global Underwriting, will succeed Sapnar in the President and Chief Executive Officer roles and will continue to sit on the Board.
As well as this change, TransRe has announced that Paul Bonny, also a Co-President of Global Underwriting, has been named Executive Vice Chairman of TransRe.
“In early 2012, Alleghany had the good fortune to acquire TransRe and over the following nine years, TransRe produced $849 million of underwriting profits and a 97.5% combined ratio despite a multitude of significant catastrophes during this period. This strong record is due in no small part to the enormous contributions from Mike, who is a terrific leader, an industry statesman, and an outstanding manager,” explained Weston Hicks, President and Chief Executive Officer of Alleghany Corporation. “Mike’s leadership over the past decade has left TransRe superbly positioned for success in the years to come and its culture will forever carry the imprint of Mike’s 26 years of service, including over nine years as CEO. We thank Mike for everything he has done for TransRe and Alleghany and wish him all the best as he turns the page to start the next chapter of his extraordinary career.”
“Ken is an exceptional leader and a proven reinsurance executive with global experience who understands TransRe’s one-of-a-kind culture and the needs of our customers and brokers,” added Joe Brandon, Chairman of TransRe. “Ken has extensive industry knowledge, deep underwriting expertise, an in-depth understanding of TransRe’s operations and has played a critical role in helping establish and execute on TransRe’s key strategic initiatives. We are excited to elevate Ken to CEO and everyone at Alleghany looks forward to continuing to work with him and his TransRe colleagues.”
“TransRe has built an incredible franchise by delivering best in class solutions for insurers worldwide,” Brandt also said. “Our experienced team brings underwriting discipline, longstanding relationships, local decision making and an unwavering commitment to our customers and brokers. I am proud to have been part of TransRe for the past 15 years and look forward to leading the company as we build on our success.”
Brandt has held the role of Co-President of Global Underwriting and also President of the Americas at TransRe, overseeing the reinsurance firm’s U.S, Canada, Bermuda, Latin America and Caribbean teams.
Before joining TransRe in 2006, Brandt worked for Employers Reinsurance Corporation (subsequently GE Insurance Solutions) first as a facultative casualty underwriter in 1993 and subsequently in a number of significant management positions in the U.S. and Germany before becoming President of the Americas & Asia Pacific Division.
Bonny has worked for TransRe since 1982.
Brandt commented, “I’ve enjoyed working closely with Paul for years and very much look forward to continuing to do so.”