Somerset Reinsurance (Somerset Re) has increased its common share capitalisation to $375 million, including investments from three strategic investors and a diverse group of high net worth investors.
Somerset Re provides customised risk management solutions to the life insurance and annuity sectors, helping clients efficiently deploy capital, improve long-term performance and fund new business growth.
Somerset Re, formerly known as Weisshorn Re, adopted its new name, along with a new brand identity, following its move from Switzerland to Bermuda.
“With completion of this capital raise, Somerset Re is well positioned to serve the needs of the life insurance industry with reliable, long-term reinsurance solutions in this persistent low interest rate environment,” said Pat Kelleher, CEO of Somerset Re.
Kelleher noted that Somerset Re‘s strengths lie in its Underwriting and Asset/Liability Management expertise. The average insurance industry tenure of Somerset’s leadership team is more than 30 years.
“Our focus is not on generating deals. We’re focused on creating long-term value for our investors and clients through deep partnerships based on a consultative approach to reinsurance,” Kelleher said.
Somerset Re’s strategic investors reflect the company’s emphasis on both reinsurance experience and capital markets expertise.
“Atlas is very pleased to bring its partnership and operational focus to help a very talented management team at Somerset build a market leading reinsurance business”, said David Schamis, Founding Partner of Atlas Merchant Capital.
Somerset Reinsurance, Bermuda, Insurance, Reinsurance, Investment, Shares, Atlas Merchant Capital, Pat Kelleher, David Schamis