Toa Re of America (TRA) has appointed Nathaniel Wallman as Chief Executive Officer, replacing Richard Sanford.
Wallman first joined TRA in 2002 and has over four decades of experience in the reinsurance industry.
The firm suggests that its market strategy and positioning remain the same, with activities focused on reinsurance solutions, cross-functional learning and efficient teamwork.
TRA is an underwriter of all lines of assumed reinsurance for ceding companies and other insurance entities principally located in North America.
The firm maintains headquarters in Morristown, NJ, with branch offices in Toronto and Irvine, CA, and is a wholly-owned subsidiary of The Toa Reinsurance Company, Limited (TRJ), with headquarters in Tokyo.
In addition to TRA, TRJ has a subsidiary in Zurich, The Toa 21st Century Reinsurance Co, Ltd (Toa Re Europe) as well as branches in Singapore, Kuala Lumpur and Hong Kong.
At the time, the rating agency said that the downgrades reflect its view that TRJ’s operating performance has been deteriorating due to large insurance claims related to global natural disasters and COVID-19, and is unlikely to recover quickly. The outlooks on the ratings remain stable.
TRA is presently rated A (Excellent) by A.M. Best.
