Aquarian to buy controlling interest in Somerset Re
Aquarian Holdings and Somerset Reinsurance have announced the signing of a definitive agreement for Aquarian to acquire a controlling interest in Somerset Re, a Bermuda-based provider of reinsurance solutions to the US life insurance and annuity market.
Somerset Re was founded in 2014 by George Weiss, CEO of Weiss Multi-Strategy Advisors.
The transaction partners New York-domiciled investment firm Aquarian with existing strategic investors Hannover Re and Weiss Family Interests, which will retain ownership interest and involvement in Somerset Re. Atlas Merchant Capital and several other existing shareholders have agreed to sell their interests to Aquarian. The transaction is expected to close in the third quarter of 2022 and is subject to customary regulatory closing conditions. Additional terms of the transaction were not disclosed.
Somerset Re, which is rated A- from A.M. Best and BBB+ from S&P Global, says it has grown 93% per annum to $5 billion in assets under management as of December 31, 2021.
“We are very excited to have Somerset Re join the Aquarian platform,” said Rudy Sahay, founder and Managing Partner of Aquarian. “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.”
Burt added: “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.”
Weiss said, “As CEO of Weiss Multi Strategy Advisers, I’ve been in this business for 43 years and as the founder of Somerset Re, I am absolutely delighted to partner with Rudy Sahay and the Aquarian team. I see great things ahead for this combined organisation.”
