Somerset Re enters 2023 with ‘substantial’ new capital to scale up

Bermuda-domiciled US life and annuity reinsurer Somerset Re has gained “substantial” new capital to drive future growth and support its “robust pipeline of opportunities” in 2023 following the closing of its acquisition by Aquarian Holdings.

Aquarian entered into a definitive agreement to acquire a controlling interest in Somerset Re in 2022 in exchange for a “substantial amount of immediate and committed new capital”, in partnership with existing strategic investors Hannover Re, and Weiss Family Interests, which includes George Weiss, CEO of Weiss Multi-Strategy Advisors LLC and Somerset Re founder, each of which will retain ownership interest and involvement in Somerset Re.

Rudy Sahay, founder and managing partner at Aquarian, said: “The addition of Somerset Re positions us well, with increased scale and capabilities, to provide a full suite of insurance solutions managed by exceptional dedicated teams. Their deep in-house liability expertise coupled with Aquarian’s strength in asset management allows us to realize sustainable, long-term growth and provide reliability to policyholders.”

Added Jeff Burt, chief executive officer of Somerset Re: “We’re looking forward to building on the strong growth that Somerset Re experienced in 2022 with Aquarian as a partner. Having executed five new reinsurance treaties in the fourth quarter of 2022, we have tremendous momentum leading us into 2023. The Aquarian platform gives us a long-term strategic partner with exceptional asset management capabilities that perfectly complements our solutions-based approach to reinsurance.”

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