TransRe
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The firm's ethos will remain the same, but the bigger balance sheet may help it win clients and absorb volatility. -
As part of senior role changes, TransRe has also promoted Brian Gallahue to the role of deputy CFO.
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The executive will lead the team for global product strategies, financial planning and applied data, reporting to CEO Brandt.
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Adriana Cisneros was AIG’s LatAm property product leader for more than three years in south Florida.
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The outgoing underwriter has worked at the Bermudian for just over six years, having joined from Hiscox.
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The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
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Berkshire Hathaway has agreed to buy the TransRe owner in an all-cash deal worth $11.6bn.
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The deal’s exposures are focused in the troubled personal auto market where loss costs have been running ahead of rates.
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The overall combined ratio for (re)insurance operations narrowed by 9.9 points to 89%, driven by lower cat losses.
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The Alleghany-owned reinsurer’s combined ratio weakened by 14.3 points on higher cat losses.
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TransRe had acted as the exclusive underwriting manager on behalf of GenRe for US and Canadian P&C treaty business.
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