A Bermuda-based reinsurance company has been top-ranked by ceding companies in a study conducted by a leading industry-focused consulting organisation.

Somerset Reinsurance Ltd, a global life and annuity reinsurer, was ranked number one in the Business Capability Index, as measured by NMG Consulting's 2021 US Structured Financial Solutions study in the Portfolio Transfer Segment.

The company said the NMG study's BCI scores measure reinsurer effectiveness by aggregating insurer feedback across five key capability areas.

The biannual study incorporates the expert perspectives from insurance executives and reinsurance buyers, and is recognised as the definitive benchmark of reinsurer performance by the industry, the company said.

Somerset's overall BCI score has led the market in each of the last two studies.

The company said the study also provides valuable insights into market trends and is used by reinsurers to develop strategies to address the key business issues facing their customers.

Jeff Burt, chairman and CEO of Somerset Re, said: "The NMG US Structured Financial Solutions Study is an important tool for us to ensure that we are focused on delivering the customised risk management solutions that help our clients succeed.

"The NMG Study feedback is an important driver in how we adapt to business challenges impacting our clients. We're delighted by this confirmation, directly from our clients that we are delivering on our promises. It is an affirmation of our developing brand and our unique position in the market."

Somerset Re is a provider of reinsurance solutions for asset intensive life insurance and annuity business, helping its clients manage capital efficiency and improve their financial results.

NMG Consulting is a global consultancy focused on the insurance, reinsurance, financial solutions, retirement/wealth and asset management markets.