Japanese reinsurer Toa Re has announced that Richard N. Sanford has been appointed Chief Executive Officer of its US business, Toa Re America.
Effective January 1, 2021, Sanford will take over from Edward J. Stanco, who has served as CEO of Toa Re America since January 2009.
Sanford has 36 years’ industry experience and most recently served as President of StarStone Group, responsible for global underwriting and reinsurance strategy.
He was previously Chairman and President of Partner Re US and Head of P&C North America.
“We are very pleased to welcome Dick Sanford to Toa Re,” said Stanco. “His experience and qualifications are well-known in the global industry, and we are confident he will provide excellent leadership during this time of change in the market.”
“I am excited about joining Toa Re,” Sanford added “The Company has an excellent reputation as a well-respected, stable and reliable reinsurer. I hope to build on that reputation to expand Toa Re’s North America P&C and global Ag Re business.”
Masaaki Matsunaga, President and Chief Executive of Toa Re, also commented: “I want to thank Mr. Stanco for his successful contributions to the Toa Group and wish him health and happiness in retirement.”
“Mr. Sanford brings to Toa Re a great depth of knowledge of the global reinsurance business and a desire to continue Toa’s objectives to establish mutually-beneficial, long-term relationships with well-managed ceding companies. We look forward to having him join the Toa team.”
Following his retirement on December 31, Stanco will remain with Toa Re America as non-executive Vice Chairman of the Board.
Toa Re America is headquartered in Morristown, New Jersey and maintains an office in Irvine, California and a branch office in Toronto, Ontario.