HAMILTON, Bermuda – Somerset Reinsurance Ltd. (“Somerset Re”), a leading reinsurer, has appointed Danish Iqbal as its new Chief Executive Officer, effective April 30. Iqbal will succeed Jeff Burt, who, as announced earlier, will become co-CEO of Aquarian Insurance Holdings, the parent company of Somerset Re. The two leaders will share co-CEO responsibilities during the transition to ensure a seamless handover.
Iqbal is returning to Somerset Re after serving as its Head of Pricing and Valuation earlier in his career. Most recently, he was President of Neptune Reinsurance Limited (“Neptune”), a Bermuda-based reinsurer that integrated into Somerset Re in December 2024. As President, he oversaw the establishment of Neptune’s infrastructure and secured its licensing with the Bermuda Monetary Authority. Before Neptune, Iqbal was Chief Actuary at Aspida Re (formerly F&G Re), where he was responsible for all actuarial functions and led F&G Re’s sale process to Ares Management Corporation. He is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries, and a CFA charter holder. Iqbal holds a BMATH in Honors Statistics from the University of Waterloo.
“It’s an honor to be selected as CEO for Somerset Re,” Iqbal said. “My focus will be to continue building Somerset Re into the go-to global reinsurance partner for the life and annuity market by delivering creative, capital efficient solutions to our clients.”
The leadership transition follows the formation of Aquarian Insurance Holdings (“AIH”), Somerset Re’s new parent company. Jeff Burt, Somerset’s outgoing CEO, has been appointed as AIH’s co-CEO and will remain involved with the Somerset Re team. Burt commented, “I can’t imagine a better person to take over this role. I’ve worked with Danish for many years and know the company is in great hands.”
About Somerset Re Somerset Re provides reinsurance solutions for life insurance and annuity businesses globally. They assist clients with growth, capital efficiency, and improving financial results. Their offerings include new business support, legacy block management, and capital-driven reinsurance solutions. According to NMG Consulting’s 2023 U.S. Structured Financial Solutions study for the Asset-intensive Segment, large insurers ranked Somerset Re No. 1 in the Business Capability Index (BCI). Somerset Re operates under the ownership of Aquarian.
For more information, visit www.somersetre.com.
About Aquarian Insurance Holdings Aquarian Insurance Holdings (“AIH”) was launched in December 2024 by Aquarian Holdings (“Aquarian”), a diversified global holding company. Aquarian invests across the capital structure and creates tailored financing solutions. Aquarian and its advisors serve as investment managers on approximately $22 billion of book value AUM as of December 31, 2024.
For more information, visit aquarianlp.com.
