Transatlantic Holdings, Inc. (TransRe) has announced that its President and Chief Executive Officer (CEO), Mike Sapnar, will be leaving the company to pursue another opportunity and will be succeeded by the firm’s Co-President of Global Underwriting, Ken Brandt.
Sapnar will remain with the company through April 30th, 2021 to assist with the transition. Brandt, who has been a member of the company’s senior leadership team since 2006, will continue to serve on TransRe’s Board of Directors.
Alongside the President and CEO succession, the firm has also revealed that Paul Bonny, also Co-President of Global Underwriting, has been appointed Executive Vice Chairman of TransRe.
Weston Hicks, President and CEO of TransRe’s parent company, Alleghany Corporation, commented: “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.
“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.”
Joe Brandon, Chairman of TransRe, added: “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. 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.”
Brandt joined TransRe in 2006 and has served as Co-President of Global Underwriting and as President of the Americas, overseeing all of TransRe’s U.S., Canada, Bermuda, Latin America, and Caribbean teams.
Previously, he spent time with Employers Reinsurance Corporation (subsequently GE Insurance Solutions) where he started as a facultative casualty underwriter in 1993, and later went on to hold a number of management positions in the U.S. and Germany before becoming President of the Americas & Asia Pacific Division.
“TransRe has built an incredible franchise by delivering best in class solutions for insurers worldwide. 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.
“I’ve enjoyed working closely with Paul for years and very much look forward to continuing to do so,” said Brandt.