Aquarian Holdings has closed its acquisition of Bermudian-based Somerset Reinsurance Limited, a leading provider of reinsurance solutions to the US life insurance and annuity market.

Aquarian announced in 2022 that it had signed a definitive agreement to acquire a controlling interest in the Bermuda-domiciled reinsurer and provide a substantial amount of immediate and committed new capital to drive further growth, fortify Somerset Re’s strong market position, and offer additional resources to support its robust pipeline of opportunities.

The transaction partners Aquarian with existing strategic investors Hannover Re, the third-largest reinsurer in the world, and Weiss Family Interests, which includes George Weiss, CEO of Weiss Multi-Strategy Advisors LLC and Somerset Re founder, each of which will retain ownership interest and involvement in Somerset Re.

“We are excited to have successfully closed the acquisition of our controlling interesting in Somerset Re,” said Rudy Sahay, founder and managing partner at Aquarian.

“The addition of Somerset Re positions us well, with increased scale and capabilities, to provide a full suite of insurance solutions managed by exceptional dedicated teams.

“Their deep in-house liability expertise coupled with Aquarian’s strength in asset management allows us to realise sustainable, long-term growth and provide reliability to policyholders.”

Jeff Burt, chief executive officer of Somerset Re, added: “We’re looking forward to building on the strong growth that Somerset Re experienced in 2022 with Aquarian as a partner.

“Having executed five new reinsurance treaties in the fourth quarter of 2022, we have tremendous momentum leading us into 2023.

“The Aquarian platform gives us a long-term strategic partner with exceptional asset management capabilities that perfectly complements our solutions-based approach to reinsurance.”

Aquarian Holdings Investment Management is serving as asset manager for Somerset Re.