National Reinsurance Corporation of the Philippines (Nat Re) president and chief executive officer Allan R. Santos will retire on 1 October 2026 after nine years with the company, eight of them as CEO, the business announced on Tuesday.
Alexander “Sandy” Reyes, who served as Nat Re’s senior vice president and head of non-life reinsurance from 2014 to 2021, will succeed him as president and chief executive officer on the same date.
Santos became president and CEO of the Philippine reinsurer in 2018. Since then, the company’s gross written premiums have risen to PHP5.7bn (US$92m) in 2025 from PHP3.7bn, with net written premiums reaching PHP4.5bn from PHP2.6bn.
“Under his leadership, Nat Re reached new milestones in growth, financial performance, and regional presence — guiding the Company through challenging times and helping us reach where we are today,” Nat Re said.
The company said his tenure brought an improved credit rating and Nat Re’s first dividend payout in a decade. It also credited him with expanding the reinsurer’s international business and championing climate resilience across the region.
On Reyes’ appointment, the board said he brings decades of executive experience and a “deep, hands-on, insider’s understanding” of Nat Re, ensuring a seamless leadership transition.
“Sandy offers a clear, distinct strategic advantage, a forward-looking vision, and a genuine commitment to serve our clients, the insurance industry, and the community with integrity,” the board said.
Santos will work alongside Reyes over the coming months to hand over executive responsibilities, the business added.
Nat Re posted a 50% rise in net profit to PHP829.5m for 2025, with net underwriting income up 49% to PHP744.2m and the combined ratio improving to 92% from 97%.
AM Best affirmed Nat Re’s financial strength rating of B++ (Good) and long-term issuer credit rating of “bbb” (Good) with stable outlooks in October 2025, citing its position as the sole domestic reinsurer in the Philippines against balance sheet exposure to natural catastrophes.
Earlier this year, Nat Re promoted Jaime Jose Javier Jr. to executive vice president and chief operating officer, and Von Edward Ebron to head of life reinsurance and data administration.
