Somerset Reinsurance $375 Million Capital Raise
HAMILTON, Bermuda, October 20, 2016
Somerset Reinsurance Ltd. announced today that it has increased its common share capitalization to $375 million, including investments from three strategic investors and a diverse group of high net worth investors. Somerset Re provides customized risk management solutions to the life insurance and annuity sectors, helping clients efficiently deploy capital, improve long-term performance and fund new business growth. Somerset Re, formerly known as Weisshorn Re, adopted its new name, along with a new brand identity, following its move from Switzerland to Bermuda.
“With completion of this capital raise, Somerset Re is well positioned to serve the needs of the life insurance industry with reliable, long-term reinsurance solutions in this persistent low interest rate environment,” said Pat Kelleher, the Company’s CEO.
Kelleher noted that Somerset Re’s strengths lie in its Underwriting and Asset/Liability Management expertise. The average insurance industry tenure of Somerset’s leadership team is more than 30 years. “Our focus is not on generating deals,” Kelleher said. “We’re focused on creating long-term value for our investors and clients through deep partnerships based on a consultative approach to reinsurance.”
Somerset Re’s strategic investors reflect the company’s emphasis on both reinsurance experience and capital markets expertise.
– Hannover Re, based in Hannover, Germany, is one of the world’s top five reinsurance companies. In addition to investing in Somerset Re, Hannover Re will collaborate with the Company to bring comprehensive reinsurance structures to the U.S. life and annuity reinsurance market.
– Atlas Merchant Capital LLC was founded to participate in compelling market opportunities in the financial services sector. Based in New York and London, Atlas Merchant Capital was founded by Bob Diamond and David Schamis, who together with their partners form a complementary partnership with extensive operating and investing expertise across the financial services landscape.