View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
June 7, 2022

Aquarian signs deal to take majority stake in Somerset Re

Aquarian, a diversified holding company, has signed a definitive agreement to buy a controlling stake in Somerset Re.

The reinsurer, which serves the US life and annuity market, expects to boost its capital through this deal.

Somerset Re will use the proceeds to accelerate its growth and bolster its market position.

The firms did not divulge the financial terms of the transaction, which is expected to close in the third quarter of 2022.

The deal will see Aquarian join Somerset Re’s existing backers including Hannover Re and Weiss Family Interests.

Aquarian will be acquiring Somerset Re’s stake from Atlas Merchant Capital and several other existing shareholders.

Founded in 2014, the reinsurer had $5bn in assets under management as of 31 December 2021.

Somerset Re CEO Jeff Burt said: “I am delighted to partner with Aquarian and welcome their strategic investment in our platform as we continue to build on our well-established track record of success, alongside the continued support of our founder George Weiss and Hannover Re.

“Aquarian brings highly differentiated asset-management capabilities focused on the insurance market that will add to our long-term partnering and solution-oriented approach to servicing our customers.”

Aquarian founder and managing partner Rudy Sahay said: “We are very excited to have Somerset Re join the Aquarian platform. Since our launch, we have successfully partnered with premier insurers and asset managers to support their strategic growth.

“We look forward to further developing and scaling Somerset Re alongside CEO Jeff Burt and the management team, in partnership with their strong strategic shareholders.”

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Life Insurance International