Somerset Reinsurance Ltd.’s founding Chief Executive Officer (CEO), Patrick Kelleher, is set to retire at the end of the year and will be succeeded by Jeff Burt, President of Hannover Life Reassurance Company of America, part of Hannover Re Group, and Chairman of Somerset Re.
Following his retirement, effective December 31st, 2020 Kelleher will continue to serve Somerset Re as a consultant through March 31st, 2021.
Burt is to remain in his role as President of Hannover Re US through December 31st, 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 reinsurer’s launch, and the firm has since become a premier provider of reinsurance solutions for asset-intensive life insurance and annuity businesses.
“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. We thank him for his service and wish him all the best in retirement,” said George Weiss, CEO of Weiss Multi-Strategy Advisors LLC and the founding shareholder of Somerset Re.
Colin Savage, Head of North America Investments for Atlas Merchant Capital and a Somerset Re director, added: “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.”
Hannover Re US was the first unaffiliated insurance investor in Somerset Re’s Series A capital raise in 2016. The companies have partnered on a number of reinsurance transactions since 2016, with both expecting that this move will result in a further expansion of their collaboration.
Alongside his new role at Somerset Re, Burt is set to become Vice Chairman of the Kubera Insurance (SAC) Ltd. board, effective January 1st, 2021. Hannover Re established Kubera, a Bermuda-domiciled Class C reinsurance vehicle, in 2018, with the first transaction executed in 2019.
As Vice Chairman, Burt will continue to work with Hannover Re on structuring bespoke transactions, leveraging the entire complement of capabilities to appropriately address the needs of clients.
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.”
