Aquarian Holdings has introduced the formation of Aquarian Insurance coverage Holdings, aiming to “optimise development 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 anticipated to allow continued enterprise development and elevated efficiencies.
Aquarian Insurance coverage Holdings will comprise Somerset Reinsurance, Traders Heritage and Hudson Life.
Through Administration Options will provide shared providers and know-how assist.
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.
Traders Heritage, a US-based life and annuity insurer established in 1960, turned 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.
Through, a third-party administrator, utilises technological experience initially developed by way of Traders Heritage.
Sahay stated: “We see alternative inside the insurance coverage sector, and Aquarian Insurance coverage Holdings is the subsequent evolution of our portfolio. We will leverage finest practices and shared providers throughout the organisation, particularly the know-how experience and management inside our Traders Heritage enterprise. All of which place us for continued development and enlargement.”
John Frye, working associate at Aquarian Holdings and president of Traders 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 Basic Electrical.
Burt, who beforehand served as chairman and CEO of Somerset Re, will proceed as co-CEO alongside Somerset Re’s incoming CEO throughout 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.
