Leadership Changes at Somerset Re: Strategic Growth in Reinsurance
Exciting Leadership Changes at Somerset Re
HAMILTON, Bermuda — Somerset Reinsurance Ltd. (Somerset Re), a renowned reinsurance provider focusing on asset-intensive life and annuity products, has appointed Steve Belcher as Chief Financial Officer (CFO) and Joelina Redden as Chief Legal Officer (CLO). Belcher is set to lead the company’s financial strategies, which encompass critical areas like capital management, accounting, tax, and financial reporting. Redden will oversee Somerset Re's legal operations, ensuring compliance with industry regulations.
The leadership transitions coincide with a year marked by significant accomplishments for Somerset Re, including a record-breaking number of deals and substantial premium volume growth. Among these achievements is the execution of the second-largest U.S. in-force reinsurance deal, involving a multi-billion-dollar deferred annuity transaction. This bolsters the firm’s role as a pivotal partner for life and annuity insurers across the globe.
Leadership Expertise and Industry Impact
CEO Danish Iqbal remarked, “This is an important moment for Somerset Re. Bringing on Steve and Joelina underscores the growth we’re seeing in our business and our commitment to investing in the right leadership to support our next phase of growth.” He highlighted that their expertise in navigating complex, multi-jurisdictional transactions is invaluable for the company’s advancing role in the global insurance industry.
Steve Belcher brings over 34 years of experience in the life and annuity insurance sector, having held high-ranking positions at MetLife, such as Senior Vice President, Global Controller, and Reinsurance CFO. His leadership roles with the American Council of Life Insurers (ACLI) and the AICPA’s Insurance Experts Panel enhance his robust financial expertise.
Joelina Redden's impressive 23-year career within the Bermuda (re)insurance industry includes tenure as General Counsel and Chief Compliance Officer at Athora Life Re Ltd., adding significant legal, regulatory, and compliance prowess to Somerset Re’s operations.
Future Outlook: Strategic Growth and Innovation
Heading into 2026, Somerset Re remains dedicated to developing customized, capital-efficient reinsurance solutions that drive growth and optimize balance sheets for insurers. CEO Iqbal expressed his excitement for the company’s path forward, highlighting that the strengthened leadership team is set to bolster existing client relationships and create new partnerships in the global life and annuity markets.
About Somerset Re and Aquarian Holdings
Somerset Re delivers comprehensive reinsurance solutions tailored for the life insurance and annuity sectors worldwide. The company's focus is on new business support, legacy block management, and innovative, capital-driven strategies. Somerset Re earned high accolades in the 2025 U.S. Structured Financial Solutions study by NMG Consulting.
As a division of Aquarian Holdings, Somerset Re aligns with the strategic aims of its parent company, focused on insurance and asset management. Managing approximately $25.8 billion in assets, Aquarian prioritizes risk management and investment growth for high-caliber firms. For more information, visit aquarianlp.com.
For media inquiries, please contact Ted Birkhahn at media@aquarianlp.com or call +1 917 774 8697.