TransRe Announces Promotions and Ratings Upgrade

TransRe has made some exciting announcements, and we're here to break them down for you. The company has promoted several key executives to new roles, including the appointment of a new Chief Underwriting Officer.

These promotions are a testament to the company's growth and commitment to excellence. The new executives bring a wealth of experience and expertise to their roles.

One of the notable promotions is the appointment of a new Chief Underwriting Officer, who will be responsible for leading the company's underwriting strategy.

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TransRe has a strong leadership team with several key promotions. John Fugit has been promoted to Deputy CUO for North America and will report to Kyle Rhodes, President of North America.

Kyle Rhodes oversees the North America region, with John Fugit now supporting him in this role.

Rory Buckingham has also joined TransRe's leadership team as AVP, Accident & Health Manager, bringing almost a decade of experience to the position.

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TransRe has been making some exciting changes to its leadership team. Louise Rose has been promoted to President of International, reporting to Paul McKeon, President of Global Underwriting.

Kyle Rhodes is now President of the Americas segment, also reporting to McKeon. This new role will allow Rhodes to focus on the company's operations in the Americas.

John Fugit has been promoted to Deputy CUO for North America, working closely with TransRe's Global Portfolio team and North America managers.

Ben Hodge is the new Head of US Property, Treaty, and Facultative, reporting to Kyle Rhodes. He will play a key role in enhancing the company's offerings and managing profitability.

Aisling Jumper has taken on the position of Head of Global Underwriting Operations, previously serving as Claims Manager for FAIRCO. She will report to Lisa Moser, President of Global Portfolio Management.

Shawn Lynch is now Global Head of Financial Risks, working with regional underwriting teams on overall strategy and portfolio composition.

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James Nunn has been appointed International Head of Financial Risk, working closely with regional teams to manage financial risk and terror portfolios.

John Spencer has been promoted to Head of North America Surety, leading the company's surety and credit portfolios.

Tony Celii is the new Deputy General Counsel, reporting to Ken Yapp, General Counsel.

Brett Denyer has been promoted to Head of Sustainability and Resilience, reporting to Cedric Lobo, who is now Chief Risk Officer.

Suzanne Holohan is the new Chief Actuary, reporting to Ken Brandt, Chief Executive Officer.

Matthew Mahoney has taken on the newly created role of Chief Operating Officer, in addition to his current role as Chief Financial Officer.

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Bastien Potentier has been appointed as an underwriter for Property and Alternative Solutions to TransRe's EMEA team.

He will be based in Zürich, Switzerland.

Bastien will focus on clients' property needs, including traditional property cat and non-cat, alternative structures.

Paul Bonny is retiring as Executive Vice Chairman (EVC) after 41 years of service.

He will continue to offer advice and assistance to TransRe through his ongoing role as a non-Executive Director.

Rory Buckingham has been appointed as the Accident & Health Manager at TransRe, a reinsurance company owned by Alleghany Corporation.

Rory brings almost a decade of relevant experience to his new role, having spent three years at TransRe before being appointed to this position.

As the reinsurance market continues to evolve, TransRe's CEO, Ken Brandt, is optimistic about the current dynamics. He believes that the tightening of terms and conditions (T&Cs) will be more resilient than rate fluctuations.

The property catastrophe space is a key area of focus, and Brandt is confident that T&Cs will play a more significant role in shaping the market. He points to the fact that rates will fluctuate, but the tightening of T&Cs will be more resilient.

TransRe's President, North American operations, Kyle Rhodes, agrees with Brandt's assessment, citing legislative reforms and reinsurance rate adjustments as factors contributing to the improving insurance market in Florida.

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TransRe's rating and performance can be measured in several ways. One key metric is its financial strength, which has been consistently strong with a Solvency II ratio of 206% as of 2020.

TransRe's strong financial position allows it to take on complex and high-risk transactions, making it an attractive partner for cedants looking for a reliable reinsurer. This is reflected in its high credit ratings from major rating agencies, including A- from A.M. Best.

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AM Best has upgraded the credit ratings of TransRe, a reinsurance company wholly owned by Alleghany Corporation.

TransRe and its subsidiaries now hold a Financial Strength Rating (FSR) of A++ (Superior), which is a significant upgrade from their previous rating of A+ (Superior).

The upgrade indicates that AM Best believes TransRe has a very strong financial position and is able to meet its obligations.

This change has removed TransRe from under review with positive implications, reflecting AM Best's confidence in the company's abilities.

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In the second quarter of 2022, Alleghany Corporation's TransRe business saw a 9.1% decrease in net premiums written.

This decline was largely due to decreases in property lines of business. TransRe's net premiums written for H122 also decreased by 5.9% compared to the same period last year.

TransRe has received a strong financial strength rating of A++ (Superior) from AM Best, along with a stable outlook. This is a testament to the reinsurer's solid balance sheet and consistent risk-adjusted capitalization.

TransRe's balance sheet is at the strongest level, thanks to its internal reinsurance support from ultimate parent Berkshire Hathaway Inc. Berkshire Hathaway's financial resources and flexibility contribute significantly to this assessment.

TransRe's underwriting performance has been robust, benefiting from favorable conditions in the reinsurance market across several key business lines.

Florida's insurance market is showing signs of improvement, thanks to reinsurance rate adjustments and legislative reforms.

Reinsurance companies like TransRe are benefiting from this shift, with their strong balance sheets and robust underwriting performance. TransRe's balance sheet is at the strongest level, with consistent risk-adjusted capitalization and substantial internal reinsurance support from its parent company, Berkshire Hathaway Inc.

TransRe's history of favorable loss reserve development is a key factor in its strong balance sheet, indicating a prudent approach to establishing initial loss estimates. This has allowed the company to maintain a stable outlook.

The group has strategically reduced its exposure to natural catastrophe losses in recent years, which has effectively mitigated volatility in its underwriting performance. This has been particularly beneficial during times of heightened activity in the global reinsurance industry.

TransRe's financial strength rating (FSR) is A++ (Superior), and its long-term issuer credit ratings (Long-Term ICRs) are "aa+" (Superior). This is reflective of the company's strong financial position and ability to withstand market fluctuations.

TransRe, a global reinsurer, has recently enhanced its cyber underwriting and services by promoting key staff members.

Tina Kališnik has been promoted to Global Portfolio Leader, Cyber, a role that will allow her to better support the underwriting of a growing line of business.

Diana Liu has also been promoted to US Cyber Underwriting Leader, a position that will enable her to provide enhanced product and service offerings.

These promotions demonstrate TransRe's commitment to expanding its services and offerings in the cyber underwriting space.

The Florida insurance market is showing signs of improvement, with experts cautiously optimistic about upcoming June renewals. This is according to Kyle Rhodes, President of North American operations at TransRe.

Reinsurance rate adjustments are one of the factors contributing to this improvement. Legislative reforms are also playing a role.

Experts point to a number of positive indicators, including improved market conditions and reduced risk. This is a welcome change from the tumultuous market that Florida has experienced in the past.

Reinsurance rate adjustments and legislative reforms are expected to provide some relief in the upcoming June renewals.