Nat Re announces Allan Santos’ retirement, names Alexander Reyes as successor

The Board of Directors of National Reinsurance Corporation of the Philippines would like to announce that its President and Chief Executive Officer, Allan R. Santos, is retiring on 1 October 2026 after nine years of dedicated service to the company. Alexander L. Reyes, who served as Nat Re’s Senior Vice President and Head of  Non-life Reinsurance from 2014 to 2021, will succeed Allan as President and Chief Executive Officer, effective 1 October 2026.

Allan became President and CEO of Nat Re in 2018 and has led the company to reach new heights in the past nine years. Under his leadership, Nat Re has achieved sustainable growth and record financial performance, resulting in an improved credit rating in recent years and its first dividend payout in a decade. Allan steered the Company to great lengths despite incredibly challenging times marked by significant global and domestic challenges, including the COVID-19 pandemic, geopolitical conflicts, regulatory developments, natural catastrophes, and a continuously evolving reinsurance market.

Allan’s leadership helped the company become a regional player, growing its assets from Php13.9B in 2018 to Php22.8B in 2025. During Allan’s tenure, Nat Re posted profits year-on-year, growing from Php149M in 2018 to Php829M last year. Nat Re’s business also expanded, tallying Php5.7B in gross written premiums and Php4.5B in net written premiums in 2025, significantly up from Php3.7B (GWP) and Php2.6B (NWP) back in 2018.

His leadership was also key in expanding Nat Re’s international business footprint and in establishing Nat Re’s reputation as a trusted regional partner as he  championed climate resilience and sustainable insurance development across the region.

Succeeding Allan is Mr. Alexander L. Reyes, better known as “Sandy” within Nat Re and the insurance industry. We are delighted to welcome back Sandy into this new role. Sandy brings decades of executive experience in the insurance industry and a deep, hands-on, insider’s understanding of Nat Re, ensuring a seamless leadership transition. He is a recognized leader in developing new ideas, identifying core problems, and finding solutions. He constantly leads in the conceptualization and implementation of product and service innovations that create differentiating brand advantages and work process improvements, thereby enhancing brand value, client service, and operational efficiency. 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 is confident that he is uniquely qualified to steer Nat Re into this next chapter of success.

Please join us in expressing our appreciation to Allan and in extending a warm welcome back to Sandy as President and Chief Executive Officer of Nat Re.

To ensure a seamless handover of executive responsibilities, Allan and Sandy will collaborate closely in the coming months.

 

THE BOARD OF DIRECTORS

NATIONAL REINSURANCE CORPORATION OF THE PHILIPPINES