TransRe President and CEO Mike Sapnar is leaving the company to pursue another opportunity.
He’ll stay on the job through April 30 to help with the transition. Ken Brandt, currently TransRe’s Co-President of Global Underwriting, will succeed him. A member of TransRe’s senior leadership team since 2006, Brandt will also continue to serve on the company’s Board of Directors.
Weston Hicks, president and CEO of TransRe parent Alleghany Corp., said Sapnar’s leadership has been transformational.
“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 [Sapnar], who is a terrific leader, an industry statesman, and an outstanding manager,” Hicks said in prepared remarks.
Hicks said Sapnar’s leadership over the past 10 years (and 26 years with the company overall) has left TransRe in a strong position for the years to come.
Brandt, at the same time, will help lead TransRe into the future, noted TransRe Chairman Joe Brandon in prepared remarks.
Brandt “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,” Brandon said.
Brandt noted he’s been part of TransRe’s leadership team for 15 years. He said he looks forward “to leading the company as we build on our success.”
Brandt 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. Before joining TransRe in 2006, Brandt was with Employers Reinsurance Corporation (subsequently GE Insurance Solutions) where he started as a facultative casualty underwriter in 1993 and subsequently went on to hold a number of significant management positions in the U.S. and Germany before becoming President of the Americas & Asia Pacific Division.
In another executive move, Paul Bonny, who is also Co-President of Global Underwriting, has been named Executive Vice Chairman of TransRe.
Bonny joined TransRe in 1982 and has been an integral part of the company for many years, TransRe said.
TransRe is New York-based property/casualty reinsurer.