Reinsurance News
Somerset Reinsurance
Somerset Re appoints Steve Belcher as CFO and Joelina Redden as CLO
4th February 2026
Somerset Reinsurance Ltd., a provider of asset-intensive reinsurance solutions to the life and annuity market, has hired Steve Belcher from MetLife as its new Chief Financial Officer (CFO), while Joelina Redden has also joined the firm, as Chief Legal Officer (CLO). The appointments of Belcher and Redden to its leadership team ... Read the full article
Somerset Re CEO Danish Iqbal joins BILTIR’s Board of Directors
14th November 2025
Somerset Re CEO, Danish Iqbal, has been appointed to the Bermuda Long Term Insurers and Reinsurers (BILTIR) Board of Directors, effective November 1, 2025. Iqbal, who recently returned to Somerset Re, has held a variety of senior roles in the life re/insurance industry, working on pricing, valuation, risk, and ALM. Before ... Read the full article
Somerset Re gets A rating from AM Best for new Bermuda life reinsurer
21st August 2025
Somerset Life Re, a new reinsurance company domiciled in Bermuda and a subsidiary of Somerset Re, has received a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) from AM Best. The ratings reflect the company’s balance sheet strength, which AM Best assesses as strong, ... Read the full article
AM Best upgrades credit ratings of Somerset Re on enhanced market position
1st August 2025
AM Best has upgraded the credit ratings of Somerset Reinsurance Ltd. and Somerset Reinsurance Company (SRC), citing their balance sheet strength, adequate operating performance, and ability to execute their business plan. The rating agency has upgraded the Financial Strength Ratings of Somerset Re and SRC to A from A-, and the ... Read the full article
Somerset Re to maintain discipline as life re/insurance sector evolves: CEO Iqbal
16th April 2025
In an interview with Reinsurance News, Danish Iqbal, the recently appointed CEO of Somerset Re, said the company is focused on maintaining discipline and staying true to its core capabilities as it navigates an increasingly competitive life re/insurance market and an ever-evolving regulatory landscape. Iqbal noted that despite recent market volatility, ... Read the full article
Danish Iqbal returns to Somerset Re as CEO
26th March 2025
Danish Iqbal has been appointed as the new Chief Executive Officer (CEO) of Somerset Re, a reinsurer for life insurance and annuity companies, effective April 30th, 2025. Iqbal is succeeding Jeff Burt, who will become co-CEO of recently launched Aquarian Insurance Holdings (AIH), the holding company for Somerset Re. AIH brings ... Read the full article
Strong deal momentum accelerates growth for Somerset Re
19th February 2025
Somerset Re, a provider of reinsurance solutions for global life insurance and annuity business, has experienced quick growth as it enters 2025 with strong deal momentum. Over the last decade, the reinsurer has had a strong history of successful deal execution which has contributed towards building a well-diversified book across the ... Read the full article
Somerset Re promotes Riley LaTour to Chief Risk Officer
13th November 2024
Somerset Reinsurance Ltd., a provider of reinsurance solutions for the life insurance and annuity market, has named Riley LaTour as its new Chief Risk Officer (CRO), effective immediately, based in Bermuda. In this new role, LaTour will be responsible for the firm’s risk management strategies and operations. Most recently, he served as ... Read the full article
Prudential Financial closes transaction with Somerset Re
4th April 2024
US insurance and investment firm, Prudential Financial, Inc. has successfully completed a major reinsurance transaction with Somerset Re involving a portion of its guaranteed universal life insurance block. The transaction, previously announced in July 2023, includes $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life ... Read the full article
Somerset Re appoints Hannover Re’s Thomas Porter as CUO
1st February 2024
Somerset Reinsurance, a provider of reinsurance solutions for life insurance and annuity business, has hired Thomas Porter as Chief Underwriting Officer. In the role, Porter will be based in Bermuda, and he will report to Jeff Burt, Chairman and Chief Executive Officer of Somerset. Porter joins the firm from Hannover Re, where ... Read the full article
Somerset Re hires SCOR’s Manisha Dias as Head of New Business Development
11th January 2024
Life and annuity reinsurance company, Somerset Reinsurance Ltd., has appointed Manisha Dias as its Head of New Business Development with immediate effect, based in Bermuda. Dias will be reporting to Jeff Burt, Somerset's Chairman and Chief Executive Officer. Burt commented on the appointment, “I am delighted that Manisha, such an experienced and ... Read the full article
Prudential Financial reinsures guaranteed universal life block with Somerset Re
24th July 2023
Prudential Financial, Inc. has announced an agreement to reinsure a significant portion of its guaranteed universal life block with Somerset Re, leading to proceeds totaling approximately $450 million. Under this agreement, Somerset Re will reinsure reserves worth approximately $12.5 billion, which back Prudential's guaranteed universal life policies issued by Pruco Life ... Read the full article
Somerset Reinsurance Company earns Excellent ratings from AM Best
2nd June 2023
Somerset Reinsurance Company (SRC), a subsidiary of Somerset Reinsurance Ltd (Somerset Re Ltd.) based in Bermuda, has been assigned an impressive Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) by AM Best. These ratings come with a stable outlook, indicating confidence ... Read the full article
Aquarian completes takeover of Somerset Re
10th January 2023
New York domiciled investment firm, Aquarian Holdings, has announced the closing of its acquisition of a controlling stake in Bermuda-based reinsurer, Somerset Reinsurance, from shareholders. The deal, first announced back in June 2022, will see Aquarian provide new capital to drive further growth, fortify Somerset Re’s market position, and offer ... Read the full article
Investment firm Aquarian takes majority stake in Somerset Re
6th June 2022
New York domiciled investment firm, Aquarian Holdings, has said in a statement that it has agreed to purchase a controlling interest in Bermuda-based reinsurer, Somerset Reinsurance, from shareholders. Terms of the transaction were not disclosed, and it's understood that the deal is expected to close in the third quarter of this ... Read the full article
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