Patrick Kelleher will retire as chief executive of Somerset Reinsurance at the end of 2020.
He will be replaced by Jeff Burt, currently president of Hannover Life Reassurance Company of America (Hannover Re US) and chairman of Somerset Re. Until then Burt remains in his current role as president of Hannover Re US. From January 2021 Pete Schaefer, chief executive of Hannover Re US, will take on the additional role of president.
Burt will also become vice-chairman of the Kubera Insurance board, effective January 1, 2021. Hannover Re established this Bermuda-domiciled Class C reinsurance subsidiary in 2018, with the first transaction executed in 2019. He will continue to work with Hannover Re on structuring bespoke transactions, utilising the full complement of capabilities to appropriately address client needs.
Kelleher’s last day as chief executive will be December 31 but he will continue to serve as a consultant to Somerset Re through March 31, 2021.
Kelleher has served as chief executive and director of Somerset Re since the company’s inception.
George Weiss, chief executive officer of Weiss Multi-Strategy Advisors, a founding shareholder of Somerset Re, attributed Somerset Re’s success to Kelleher’s focus on creating long-term value for clients and shareholders.
Colin Savage, head of North America investments for Atlas Merchant Capital, one of Somerset Re’s strategic investors, and a Somerset Re director, welcomed the appointment of Burt as the next CEO. “[We] look forward to continuing to build Somerset Re’s reinsurance business with him in the coming years,” he said.
Patrick Kelleher, Jeff Burt, Somerset Re, Kubera Insurance, Hannover Re, George Weiss, Weiss Multi-Strategy Advisors, Colin Savage, Atlas Merchant Capital