March 26, 2025 Reinsurance

Somerset Reinsurance Announces the Appointment of Danish Iqbal as CEO

Business Wire

HAMILTON, Bermuda--(BUSINESS WIRE)--
Somerset Reinsurance Ltd. (“Somerset Re”), a leading reinsurer for life insurance and annuity companies, today announced the appointment of Danish Iqbal as the company's new Chief Executive Officer, effective April 30. Mr. Iqbal succeeds Jeff Burt who, as announced yesterday, will become co-CEO of Aquarian Insurance Holdings, the holding company for Somerset Re. The two will share Co-CEO responsibilities throughout the transition, ensuring seamless and consistent leadership.

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Danish Iqbal

Mr. Iqbal is returning to Somerset Re after serving as Head of Pricing and Valuation earlier in his career. Immediately prior to rejoining Somerset Re as CEO, Mr. Iqbal served as President of Neptune Reinsurance Limited (“Neptune”), a Bermuda-domiciled reinsurer integrated into Somerset Re in December 2024. As President, he oversaw the establishment of the organization’s infrastructure and ensured the entity’s licensing with the Bermuda Monetary Authority. Previously, Mr. Iqbal was Chief Actuary at Aspida Re (formerly F&G Re). He was responsible for all actuarial functions and led F&G Re’s sale process to Ares Management Corporation.

Mr. Iqbal is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries, and CFA charter holder. He earned his BMATH in Honors Statistics from the University of Waterloo.

“It’s an honor to be selected as CEO for Somerset Re,” Mr. Iqbal said. "My focus will be to continue building Somerset Re into the go-to global reinsurance partner for the life and annuity market by delivering creative, capital efficient solutions to our clients."

This transition comes on the heels of the formation of Aquarian Insurance Holdings (“AIH”), Somerset Re’s new parent company. Jeff Burt, Somerset’s outgoing CEO, has been appointed as AIH’s co-CEO and remains connected to the Somerset Re team and mission.

“I can’t imagine a better person to take over this role. I’ve worked with Danish for many years and know the company is in great hands,” Mr. Burt commented.

About Somerset Re

Somerset Re is a leading provider of reinsurance solutions for life insurance and annuity business globally, helping its clients with growth, managing capital efficiency and improving their financial results. With offerings that encompass new business support, legacy block management, and capital-driven reinsurance solutions, Somerset Re delivers tailored strategies to meet the diverse needs of its clients. Notably, large insurers ranked Somerset Re No. 1 in the Business Capability Index (BCI), according to NMG Consulting's 2023 U.S. Structured Financial Solutions study for the Asset-intensive Segment. Somerset Re operates under the ownership of Aquarian. For more information, visit www.somersetre.com.

Somerset Reinsurance, Ltd. – Hamilton, Bermuda

Somerset Reinsurance Company – Orlando, Florida

About Aquarian Insurance Holdings

Aquarian Insurance Holdings (“AIH”) was launched in December 2024 by Aquarian Holdings (“Aquarian”), a diversified global holding company with a strategic portfolio of insurance and asset management solutions. Aquarian invests across the capital structure and creates tailored financing solutions that enable great, high-quality companies to grow and evolve. Aquarian and its relying advisers serve as investment managers on approximately $22 billion of book value AUM as of December 31, 2024. For more information, visit aquarianlp.com.