Hannover Re US and Somerset Re unveil CEO transition

Somerset Re's founding chief executive officer Patrick Kelleher is set to retire at the end of the year and will be succeeded by Hannover Re US president Jeff Burt.

Burt, currently president of Hannover Life Reassurance Company of America, a member of Hannover Re Group, and chairman of Somerset Re, will assume the role of Somerset Re’s CEO upon Kelleher’s retirement.

In addition to his new role with Somerset Re, Burt will become vice chairman of the Kubera Insurance (SAC) board effective January 1, 2021. Hannover Re established this Bermuda-domiciled Class C reinsurance subsidiary in 2018, with the first transaction executed in 2019. In this role, Burt will continue to work with Hannover Re on structuring bespoke transactions to bring customised risk management and reinsurance solutions to the life insurance and annuity industry.

Kelleher will serve as a consultant to Somerset Re through March 31, 2021. Burt will continue to serve as president of Hannover Re US through December 31, 2020, at which time Pete Schaefer, CEO of Hannover Re US will reassume the title of president and CEO.

Kelleher has served as CEO and director of Somerset Re since the company’s inception.

In 2016, Hannover Re US became the first unaffiliated insurance investor in Somerset’s Series A capital raise. Somerset Re and Hannover Re US have partnered on numerous reinsurance transactions since that time, combining Somerset Re’s expertise and focus on asset-based risks with Hannover Re's expertise and focus on biometric and policyholder behavior risks. Both companies expect that this move will result in a further expansion of their collaboration.

“We are grateful for Pat’s dedication and leadership over the years and attribute Somerset Re’s success to his focus on creating long-term value for clients and shareholders,” said George Weiss, CEO of Weiss Multi-Strategy Advisors and the founding shareholder of Somerset Re. “We thank him for his service and wish him all the best in retirement.”

Colin Savage, head of North America investments for Atlas Merchant Capital, one of Somerset Re’s strategic investors, and a Somerset Re director, addedL “Atlas appreciates the opportunity to have worked with Pat. We are delighted to have Jeff Burt as our next CEO and look forward to continuing to build Somerset Re’s reinsurance business with him in the coming years.”

Burt commented: "I appreciate Hannover Re’s support in this development and the opportunity to remain connected to the Group as Vice-Chairman of Kubera. Pat’s contributions to Somerset Re have positioned the company to be a leader in the reinsurance market and a great business partner for Hannover Re. I look forward to continuing a mutually beneficial relationship and serving the needs of the life, health and annuities markets.”