Somerset Re has finalized three reinsurance transactions and has three additional deals in progress, highlighting a period of significant activity as the company expands its presence in the life and annuity market.

These developments follow a recent capital raise from its parent company, Aquarian, aimed at bolstering the company’s growth and operational capacity.

The completed agreements include a new business flow partnership for fixed index annuities (FIA) with a major US insurer, an inforce transaction involving corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) with another US provider, and a long-term disability reinsurance arrangement with a US disability insurer.

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Read more: Prudential Financial finalizes reinsurance transaction with Somerset Re

Somerset Re is also advancing three additional transactions. A new business flow partnership for multi-year guaranteed annuities (MYGA) and FIAs, executed through its US entity, Somerset Reinsurance Company, is expected to close in the first quarter of 2025. Two other transactions – a life block and flow deal and an inforce life portfolio transfer – are awaiting regulatory approval.

“We are incredibly proud of our teams for completing such a diverse range of complex transactions in a short timeframe," said Manisha Dias, head of new business development at Somerset Re. "Their expertise, combined with the strong relationships we’ve built with our clients, has been instrumental to our success."

She added that the deals demonstrate the company’s ability to position itself for further opportunities in 2025.

Somerset Re’s services encompass new business support, legacy block management, and capital-driven reinsurance solutions. These offerings are designed to enhance clients’ financial performance and improve capital efficiency.

Meanwhile, Aquarian, the parent company of Somerset Re, plays a key role in supporting its growth. With US$21.8 billion in assets under management, Aquarian invests across the capital structure and focuses on insurance and asset management solutions.

How do you see these developments shaping the company’s future and its impact on the reinsurance market? Share your perspective in the comments below.

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