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NEW YORK–(COMMERCIAL WIRE)–
Aquarius Holdings (“Aquarius”) and Somerset Reinsurance Ltd (“Somerset Re”) today announced the signing of a definitive agreement for Aquarian to acquire a majority interest in Somerset Re, a leading provider of reinsurance solutions for the U.S life insurance and annuities market. In addition, the transaction will provide Somerset Re with a substantial amount of immediate and committed new capital to further fuel growth, strengthen Somerset Re’s strong market position and provide additional resources to support its strong portfolio of opportunities.
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The transaction associates Aquarian with existing strategic investors Hannover Re, the world’s third largest reinsurer, and Weiss Family Interests, which includes George WeissDirector of Weiss Multi-Strategy Advisors LLC and the founder of Somerset Re, each of whom will retain ownership and interest in Somerset Re. Atlas Mercantile Capital and several other existing shareholders agreed to sell their interests to Aquarian. The transaction is expected to close in the third quarter of 2022 and is subject to customary regulatory closing conditions. No additional terms of the transaction were disclosed.
Somerset Re was founded in 2014 to provide insurers with tailored solutions to help mitigate risk and improve capital efficiency. The reinsurer, which has the backing of strategic investors with extensive experience in the insurance industry since its launch, has an A- rating of I am better and BBB+ from S&P Global. The company, which has grown by 93% annually to $5 billion in assets under management from December 31, 2021intends to continue its liability-focused approach to offer the market a strong professional reinsurance option.
“We are very excited to have Somerset Re join the Aquarian platform,” he said. rudy shay, founder and managing partner of Aquarian. “Since our launch, we have successfully partnered with leading insurers and asset managers to support their strategic growth. We look forward to further developing and scaling Somerset Re together with CEO Jeff Burt and the management team, in partnership with its strong strategic shareholders.”
Additional mr burt“I am delighted to partner with Aquarian and appreciate their strategic investment in our platform as we continue to build on our strong track record of success, along with the continued support of our founder. George Weiss and Hanover Re. Aquarian offers highly differentiated asset management capabilities focused on the insurance market that will add to our long-term, solution-oriented partnership approach to serving our clients.”
Mr Weiss said: “As CEO of Weiss Multi Strategy Advisers, I have been in this business for 43 years and as founder of Somerset Re, I am absolutely delighted to be partnering with rudy shay and the Aquarius team. I see great things ahead for this combined organization.”
dr claus millermember of the Executive Board of Hannover Re, added: “We are pleased with the recognition of the success of our current investment and look forward to continuing our successful relationship and growing our collective businesses in the future.”
wild colinManaging Director and Head of North American Investments for Atlas Mercantile Capitalsaid: “We are very proud to have been a part of Somerset’s growth story with Jeff and the team in building a leading life reinsurance franchise over the past six years and wish them continued success in the future.”
Citi and RBC Capital Markets acted as financial advisers to Aquarius Holdings with Skadden, Arps, Slate, Meagher & Flom LLP, Walkers (Bermuda) LimitedY Arthur Cox LLP acting as legal advisors. Barclays Capital, Inc. acted as lead financial advisor and Crédit Agricole CIB also acted as financial advisor to Somerset Re with Mayer Brown LLP Y Conyers Dill & Pearman Limited acting as legal advisors.
About Somerset Re
Somerset Reinsurance Ltd. is a leading provider of reinsurance solutions for asset-intensive life insurance and annuity businesses, helping clients manage capital efficiency and improve their financial results. Somerset Re’s solutions include programs for the flow of new business and the management of legacy blocks of life insurance and annuities. For more information, visit SomersetRe.com.
On Aquarius Holdings
Aquarius Holdings is a diversified holding company with interests in businesses including insurance, asset management, real estate and technology. We draw on our decades of collective experience to provide debt and equity solutions that meet the objectives of our partners and portfolio companies. For more information please visit www.aquarianlp.com.
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Anthony Lacavaro, Aquarius Holdings212.720.1015, [email protected]
Font: Aquarius Holdings