Somerset Reinsurance Ltd has appointed Danish Iqbal as its new chief executive, effective April 30. Mr Iqbal succeeds Jeff Burt, who will take on the role of co-chief executive at Aquarian Insurance Holdings, Somerset Re’s parent company.

The company confirmed the two executives will share responsibilities during the transition period “ensuring seamless and consistent leadership”.

“It’s an honour to be selected as CEO for Somerset Re,” Mr Iqbal said. “My focus will be to continue building Somerset Re into the go-to global reinsurance partner for the life and annuity market by delivering creative, capital efficient solutions to our clients.”

Mr Iqbal is returning to the Bermudian-based Somerset Re after previously serving as head of pricing and valuation.

Most recently, he served as president of Neptune Reinsurance Ltd, a Bermudian-based reinsurer that was integrated into Somerset Re in December 2024.

During his tenure, he oversaw the organisation’s infrastructure and secured its licensing with the Bermuda Monetary Authority.

Prior to that, Mr Iqbal was chief actuary at Aspida Re (formerly F&G Re), where he was responsible for all actuarial functions and led the company’s sale process to Ares Management Corporation.

“I can’t imagine a better person to take over this role,” said Mr Burt. “I’ve worked with Danish for many years and know the company is in great hands.”

Mr Iqbal is a fellow of the Society of Actuaries, a member of the American Academy of Actuaries, and a chartered financial analyst. He earned his BMath in Honours Statistics from the University of Waterloo.

The leadership change follows the formation of Aquarian Insurance Holdings, which was launched in December 2024 by Aquarian Holdings.

Mr Burt, who has served as Somerset Re’s chief executive, will now serve as co-chief executive of AIH while remaining connected to Somerset Re’s leadership and mission.

Somerset Re provides reinsurance solutions to life insurance and annuity companies globally, with services ranging from new business support to legacy block management and capital-driven strategies.

The company was ranked No 1 in the Business Capability Index by NMG Consulting’s 2023 US Structured Financial Solutions study for the asset-intensive segment.