PEMBROKE, Bermuda & ORLANDO, Fla.–(BUSINESS WIRE)–Somerset Reinsurance Ltd. (Somerset Re) today reports that Patrick Kelleher, the firm’s founding CEO, has announced his retirement, effective December 31, 2020. Jeff Burt, currently President of Hannover Life Reassurance Company of America (Hannover Re US), a member of Hannover Re Group, and Chairman of Somerset Re, will assume the role of Somerset Re’s CEO upon Mr. Kelleher’s retirement.
Following his retirement, Mr. Kelleher will serve as a consultant to Somerset Re through March 31, 2021. Mr. Burt will continue to serve as President of Hannover Re US through December 31, 2020, at which time Pete Schaefer, CEO of Hannover Re US will reassume the title of President and CEO.
Mr. Kelleher has served as CEO and Director of Somerset Re since the Company’s inception. Under Mr. Kelleher’s leadership, Somerset Re has become a premier provider of innovative risk management and reinsurance solutions for asset-intensive life insurance and annuity businesses.
“We are grateful for Pat’s dedication and leadership over the years and attribute Somerset Re’s success to his focus on creating long-term value for clients and shareholders,” said George Weiss, CEO of Weiss Multi-Strategy Advisors LLC and the founding shareholder of Somerset Re. “We thank him for his service and wish him all the best in retirement.”
Colin Savage, Head of North America Investments for Atlas Merchant Capital, one of Somerset Re’s strategic investors, and a Somerset Re director added, “Atlas appreciates the opportunity to have worked with Pat. We are delighted to have Jeff Burt as our next CEO and look forward to continuing to build Somerset Re’s reinsurance business with him in the coming years.”
In 2016, Hannover Re US became the first unaffiliated insurance investor in Somerset’s Series A capital raise. Somerset Re and Hannover Re US have partnered on numerous reinsurance transactions since that time, combining Somerset Re’s expertise and focus on asset-based risks with Hannover Re’s expertise and focus on biometric and policyholder behavior risks. Both companies expect that this move will result in a further expansion of their collaboration.
In addition to his new role with Somerset Re, Mr. Burt will become Vice-Chairman of the Kubera Insurance (SAC) Ltd. (Kubera) board effective January 1, 2021. Hannover Re established this Bermuda-domiciled Class C reinsurance subsidiary in 2018, with the first transaction executed in 2019. In this role, Mr. Burt will continue to work with Hannover Re on structuring bespoke transactions utilizing the full complement of capabilities to appropriately address client needs. This leadership transition will maintain the momentum both companies have built, bringing customized risk management and reinsurance solutions to the life insurance and annuity industry.
“I appreciate Hannover Re’s support in this development and the opportunity to remain connected to the Group as Vice-Chairman of Kubera,” said Mr. Burt. “Pat’s contributions to Somerset Re have positioned the company to be a leader in the reinsurance market and a great business partner for Hannover Re. I look forward to continuing a mutually beneficial relationship and serving the needs of the life, health and annuities markets.”
About Hannover Re US
Hannover Life Reassurance Company of America (Hannover Re US), which is licensed and/or accredited in all 50 states, the District of Columbia, Puerto Rico and Guam, is one of the North American life and health reinsurance subsidiaries of the Hannover Re Group. Hannover Re Group, with gross premium of more than EUR 22 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with more than 3,000 staff and a network of more than 150 subsidiaries, branches and representative offices. The ratings agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor’s AA- “Very Strong” and A.M. Best A+ “Superior”). For more information, visit www.hannover-re.com.
About Somerset Reinsurance Ltd.
Somerset is a leading provider of reinsurance solutions for asset-intensive life insurance and annuity business, helping its clients manage capital efficiency and improve their financial results. Somerset Re solutions include programs for new business flow and management of legacy blocks of life insurance and annuities. Somerset Re’s financial strength is rated A- “Excellent” by A.M. Best, A- “High Quality” by Kroll Bond Rating Agency and bbb “Satisfactory” by Standard & Poor’s. For further information, visit www.SomersetRe.com.