Somerset Re Announces Leadership Changes to Boost Growth and Strategy
Somerset Reinsurance Ltd. has announced significant leadership appointments, with Steve Belcher assuming the role of Chief Financial Officer and Joelina Redden stepping in as Chief Legal Officer. Somerset Re, renowned for providing asset-intensive reinsurance services to the life and annuity markets, leverages these leadership changes to bolster its financial oversight and legal operations amidst a period of remarkable growth.
These executive changes align with Somerset Re's impressive year, marked by an uptick in premium growth and a substantial number of transactions. Notably, the company finalized its second-largest in-force reinsurance deal focused on deferred annuities, cementing its position in the life and annuity reinsurance sector.
Leadership Expertise
CEO Danish Iqbal stated, "This is a significant period for Somerset Re. The appointments of Steve and Joelina reinforce our commitment to supporting the growth and complexity of our transactions with the right leadership." Belcher, with over three decades of expertise, has held substantial roles including Senior Vice President and Global Controller at MetLife. He has extensive experience in finance management, regulatory compliance requirements, and influential positions on committees such as the American Council of Life Insurers.
Redden, boasting more than two decades in the Bermuda reinsurance sector, has served as General Counsel and Chief Compliance Officer at Athora Life Re Ltd. Her professional background includes pivotal roles in legality and compliance at Allied World Assurance Company and advisory positions with Appleby (Bermuda) Limited.
Growth and Strategy
As Somerset Re progresses towards 2026, it aims to expand on its strong foundation by enhancing tailored reinsurance offerings. The focus remains on aiding insurers with growth and balance sheet optimization, further supported by their asset-intensive reinsurance strategies worldwide. NMG Consulting's Business Capability Index underscores Somerset Re's robust positioning in the industry.
The company benefits from the backing of Aquarian Holdings, a diversified firm with substantial assets under management, specializing in insurance and risk management solutions. Aquarian's broad investment strategy supports businesses' growth and transformation while minimizing underwriting risks. For more details on these organizational changes, visit Somerset Re’s website or access the full release via Business Wire.