Walkers acts on Aquarian Acquisition of Somerset Re

Walkers (Bermuda) Limited ("Walkers") is pleased to have acted as Bermuda legal counsel to Aquarian Holdings ("Aquarian") on the signing of 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.

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 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.

Walkers worked in concert with Skadden, Arps, Slate, Meagher & Flom LLP and Arthur Cox LLP, and was led by Bermuda partner Sarah Demerling.

Related Content