Industry veteran Christopher Smith has been appointed head of structured reinsurance at Bermuda-based Somerset Reinsurance Ltd with immediate effect.

The provider of reinsurance solutions to the US life insurance and annuity market said that Mr Smith will be based on the island, reporting to Jeff Burt, chairman and chief executive officer of Somerset.

The company said that Mr Smith will be responsible for setting client strategy for the structured reinsurance line and lead Somerset's efforts in reserve and capital financing transactions, embedded value securitisations, side cars and retrocessions.

He joins Somerset from SCOR Global Life, where he was global head of financial solutions in London since December 2017.

Mr Smith was previously head of group corporate finance and treasury for SCOR SE in Paris.

With an entrepreneurial background in investment banking, technology and private equity, Somerset said, Mr Smith began his reinsurance career in 2004 with AEGON/Transamerica Life Reinsurance before it was purchased by SCOR in 2011.

He was a co-founding partner of Wafra Partners Ltd from 1992 to 1999, the private equity arm of Wafra Investment Advisory Group Inc in New York, as well as a cross-border M&A specialist at Lambert Brussels Capital and Kouri Capital earlier in his career.

Mr Burt said: "Chris brings a wealth of experience in insurance and capital markets, as well as innovative problem solving and creativity that will be valuable to Somerset and its clients.

“I look forward to welcoming Chris to the team and working closely with him as we design tailored solutions to insurers of all sizes and complexity."

Mr Smith said: "I am excited to have joined the talented team at Somerset, which has created a client-centric platform which aligns its interests with its diverse client base in a truly unique and intentional manner.

“I look forward to serving both clients and Somerset in transforming their business models, accelerating their balance sheets and optimising their solvency."