Peter Durhager has agreed to become chairman of Bermudian-based Somers Ltd, the financial services investment holding company that has a 100 per cent shareholding in Bermuda Commercial Bank Ltd.

Mr Durhager is to succeed Warren McLeland, who has served as chairman of Somers since its incorporation in 2012.

In a filing with the Bermuda Stock Exchange, the company said Mr McLeland intends to retire from the Somers board and will not seek re-election at the company’s annual general meeting next month.

Mr Durhager is a current director of the company.

Mr McLeland said: “I have thoroughly enjoyed my role at Somers and am proud of the development of the company over the last eight years. Since formation, the progress of Somers’ investee companies has been very satisfying, especially against the backdrop of the current global economic and Covid-19 headwinds.

“Somers’ shareholder funds have grown significantly from $104.8 million in our first financial year to $422.1 million as at September 2020. I look forward to watching Somers’ portfolio continue to grow and contributing through my roles as chairman of both Resimac, Somers’ largest investment, and Thorn.”

Mr Durhager said: “On behalf of the board I would like to thank Warren for his eight years as chairman of Somers. He has made an invaluable contribution to the Group and whilst he will be missed, at board level, I am delighted that he will continue to contribute to Somers in his role as chairman of two of our investee companies.”

Somers is a listed financial services investment holding company whose major assets include: a 62.4 per cent holding in Resimac Group Ltd, a nonbank Australian financial institution with almost A$15 billion assets under management; a 100 per cent shareholding in Bermuda Commercial Bank Ltd, one of Bermuda’s four licensed banks; a direct and indirect 64.6 per cent shareholding in UK specialist bank, PCF Group plc; and, a 62.5 per cent holding in Waverton Investment Management Group Ltd, a UK wealth manager with £9.2 billion assets under influence.

Somers’ shares are publicly traded and listed on the BSX.