Aquarian Holdings to acquire controlling stake in Somerset Re

Aquarian Holdings has agreed to acquire a controlling stake in Somerset Reinsurance (Somerset Re), a provider of reinsurance solutions to the life insurance and annuity market in the US.

The financial terms of the deal were not disclosed.

Established in 2014, Somerset Re provides customized solutions to insurers to help mitigate risk and boost capital efficiency.

Rudy Sahay — founder and Managing Partner of Aquarian Holdings 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.”

Aquarian Holdings to acquire controlling stake in reinsurance solutions provider Somerset Re. Photo courtesy of Tumisu/Pixabay.

The deal is expected to give a considerable amount to Somerset Re of immediate and committed new capital to further fuel growth. It will also strengthen Somerset Re’s position in the market and offer additional resources to support its pipeline of opportunities.

Through the transaction, Aquarian Holdings will get to partner with existing strategic investors Hannover Re and Weiss Family Interests, which includes Weiss Multi-Strategy Advisors CEO and Somerset Re founder George Weiss, each of which will retain ownership stake and involvement in Somerset Re.

Atlas Merchant Capital and various other existing stakeholders have agreed to divest their interests to Aquarian Holdings.

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.”

The deal, which is subject to customary regulatory closing conditions, is likely to be wrapped up in Q3 2022.