S&P Global Ratings has announced that Transatlantic Holdings’ Chief Executive Officer Mike Sapnar’s departure is unlikely to have any impact on its stable ratings.
Ken Brandt, currently TransRe’s co-President of global underwriting, will succeed Sapnar as President and CEO.
Brandt has been a member of TransRe’s senior leadership team since 2006. In addition, Paul Bonny, who is also co-President of global underwriting, has been named Executive Vice Chairman.
TransRe was acquired by Alleghany in 2012 which had enhanced the overall group’s competitive position in combination with its sister core subsidiary, RSUI Group.
However due to COVID-19-related losses, natural catastrophes, and soft casualty reinsurance pricing before 2020, the company’s underwriting performance has been lagging the past few years.