Somerset Reinsurance Ltd. Completes $375 Million Capital Raise
HAMILTON, Bermuda, Oct. 20, 2016 /PRNewswire/ -- Somerset Reinsurance Ltd. ("Somerset Re") 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.
Further information is available at www.atlasmerchantcapital.com.
"Atlas is very pleased to bring its partnership and operational focus to help a very talented management team at Somerset build a market leading reinsurance business", said David Schamis, Founding Partner of Atlas Merchant Capital.
- George Weiss is the founding shareholder and lead investor in Somerset Re. Mr. Weiss is Chairman and CEO of Weiss Multi-Strategy Advisors LLC, which has a long history of managing assets for insurance company clients.
"We are truly fortunate to have a group of investors who have the financial strength, capital markets acumen and long-term focus that can help us execute on our growth strategy," said Kelleher.
For additional information, contact Brian Holland at bholland@SomersetRe.com.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security nor shall there be any sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This release is not an offer to issue or sell insurance or reinsurance, and should not be construed as such.
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