Aquarian’s Acquisition of Somerset Re

Skadden, Arps, Slate, Meagher & Flom LLP, Walkers and Arthur Cox LLP cted for Aquarian Holdings on its agreement to acquire a controlling stake in Somerset Reinsurance Ltd, a provider of reinsurance solutions to the US life insurance and annuity market. Mayer Brown and Conyers Dill & Pearman Limited counseled Somerset Re on the transaction.

Aquarian Holdings signed a definitive agreement for Aquarian to acquire a controlling interest in Somerset Re, the Bermuda based reinsurer founded in 2014 that is a leading provider of reinsurance solutions for asset intensive life insurance and annuity business. In addition, the transaction will provide Somerset Re with a substantial amount of immediate and committed new capital to further drive growth and fortify Somerset Re’s leading market position.

The transaction partners Aquarian with existing strategic investors Hannover Re, the third-largest reinsurer in the world, and Weiss Family Interests, which includes George Weiss, CEO of Weiss Multi-Strategy Advisors LLC and Somerset Re founder, each of which will retain ownership interest and involvement in Somerset Re. The transaction is expected to close in the third quarter of 2022 and is subject to customary regulatory closing conditions.

Aquarian is a diversified holding company with interests in businesses including insurance, asset management, real estate, and technology.

Somerset Re, which has grown 93% per annum to US$5 billion in assets under management as of December 31, 2021, intends to continue its liability-focused approach to providing a strong professional reinsurance option to the market.

The Walkers’ team was led by Bermuda partner Sarah Demerling (Picture).

The Mayer Brown team was led by Corporate & Securities partner David Alberts and counsel Ben Kralstein and Banking & Finance partner Steve Rooney.

Involved fees earner: David Alberts – Mayer Brown; Benjamin Kralstein – Mayer Brown; Stephen Rooney – Mayer Brown; Sarah Demerling – Walkers Global;

Law Firms: Mayer Brown; Walkers Global;

Clients: Aquarian Holdings; Somerset;

Sonia Carcano

Author: Sonia Carcano