Thomas Porter Appointed Chief Underwriting Officer for Somerset Reinsurance

Business Wire

PEMBROKE, Bermuda--(BUSINESS WIRE)--
Somerset Reinsurance Ltd. ("Somerset"), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market, announced today the appointment of Thomas Porter as Chief Underwriting Officer. Mr. Porter will be based in Bermuda, reporting to Jeff Burt, Chairman and Chief Executive Officer of Somerset, and responsible for overseeing the firm’s underwriting and pricing activities with respect to all new reinsurance business acquisition activities and retrocessions.

Mr. Porter joins Somerset from Hannover Re where he was Head of Financial Reporting & Valuation at Hannover Re in Orlando, Florida since 2020. He previously had various roles with Hannover Re since 2005, including Lead Pricing & Structuring Actuary for Hannover Re’s financial solutions structured reinsurance, captive, and derivative transactions.

“Building on our approach of being a liability-driven organization, we are delighted to add Thomas’ deep reinsurance experience as the lead of our Underwriting team,” said Mr. Burt. “As we continue our track record of stable and consistent growth, his combination of finance and valuation experience together with demonstrated client-facing successes will help accelerate our expansion across the market.”

Mr. Porter added, “As a client of Somerset over the past nine years, I had the opportunity and pleasure to work with much of the team across a number of transactions. It was clear that the Somerset Re team’s capabilities, vision, and execution was unparalleled, and joining them to help fulfil their long-term and client-focused strategy was an easy decision.”

About Somerset Reinsurance Ltd.

Somerset Re is a leading provider of reinsurance solutions for life insurance and annuity business, helping its clients manage capital efficiency and improve their financial results. Somerset is rated #1 in Business Capability Index by NMG Consulting’s 2021 U.S. Structured Financial Solutions reinsurance study in the Portfolio Transfer Segment. Somerset Re solutions include programs for new business flow, management of legacy blocks of life insurance and annuities, and capital-motivated reinsurance solutions globally.