Aquarian Holdings has introduced the formation of Aquarian Insurance coverage Holdings, aiming to “optimise progress and synergies” inside its reinsurance and retail insurance coverage companies.
Aquarian Holdings, which manages insurance coverage and asset administration companies, stated the brand new division will present a streamlined construction.
Established in 2017, the corporate has expanded its asset administration portfolio to just about $22bn.
Underneath founder Rudy Sahay’s management, the corporate has additionally constructed capabilities throughout the life insurance coverage worth chain.
The formation of Aquarian Insurance coverage Holdings is predicted to allow continued enterprise progress and elevated efficiencies.
Aquarian Insurance coverage Holdings will comprise Somerset Reinsurance, Buyers Heritage and Hudson Life.
By way of Administration Options will provide shared providers and know-how help.
Somerset Re, based mostly in Bermuda, focuses on capital-efficient reinsurance options for all times and annuity insurers.
It was acquired by Aquarian Holdings in January 2023.
Buyers Heritage, a US-based life and annuity insurer established in 1960, grew to become a part of Aquarian Holdings in 2018.
Hudson Life, acquired and rebranded by Aquarian Holdings in 2022, specialises in offering insurance coverage insurance policies inside New York State.
By way of, a third-party administrator, utilises technological experience initially developed by means of Buyers Heritage.
Sahay stated: “We see alternative throughout the insurance coverage sector, and Aquarian Insurance coverage Holdings is the following evolution of our portfolio. We will leverage greatest practices and shared providers throughout the organisation, particularly the know-how experience and management inside our Buyers Heritage enterprise. All of which place us for continued progress and enlargement.”
John Frye, working accomplice at Aquarian Holdings and president of Buyers Heritage, and Jeff Burt, CEO of Somerset Re, will function Co-CEOs of Aquarian Insurance coverage Holdings.
Frye has served in senior management positions at Advisors Excel, Safety Profit and Common Electrical.
Burt, who beforehand served as chairman and CEO of Somerset Re, will proceed as co-CEO alongside Somerset Re’s incoming CEO through the transition.
His expertise consists of serving as president of Hannover Life Reassurance Firm of America, the place he led greater than 100 structured reinsurance transactions.
