Somerset Re taps Hannover Re for new CUO

Long term re/insurer Somerset Reinsurance has appointed a Hannover Re veteran to be its chief underwriting officer. 

Thomas Porter, who will be based in Bermuda, has been head of financial reporting and valuation at Hannover Re Orlando, Florida since 2020. 

AS CUO, Porter will be responsible for overseeing the firm’s underwriting and pricing activities with respect to all new reinsurance business acquisition activities and retrocessions.

Porter joins Somerset from Hannover Re where he was Head of Financial Reporting & Valuation at Hannover Re in Orlando, Florida since 2020. He previously had various roles with Hannover Re since 2005, including Lead Pricing & Structuring Actuary for Hannover Re’s financial solutions structured reinsurance, captive, and derivative transactions.

“Building on our approach of being a liability-driven organisation, we are delighted to add Thomas’ deep reinsurance experience as the lead of our Underwriting team,” said chief executive officer Jeff Burt. 

“As we continue our track record of stable and consistent growth, his combination of finance and valuation experience together with demonstrated client-facing successes will help accelerate our expansion across the market.”

Porter added: “As a client of Somerset over the past nine years, I had the opportunity and pleasure to work with much of the team across a number of transactions. 

"It was clear that the Somerset Re team’s capabilities, vision, and execution was unparalleled, and joining them to help fulfil their long-term and client-focused strategy was an easy decision.”