Aquarian Holdings forms insurance division to enhance growth and synergies
Aquarian Holdings has announced the formation of Aquarian Insurance Holdings, aiming to 'optimise growth and synergies' within its reinsurance and retail insurance businesses.
Aquarian Holdings, which manages insurance and asset management businesses, said the new division will provide a streamlined structure.
Established in 2017, the company has expanded its asset management portfolio to nearly $22bn.
Under founder Rudy Sahay's leadership, the company has also built capabilities across the life insurance value chain.
The formation of Aquarian Insurance Holdings is expected to enable continued business growth and increased efficiencies.
Aquarian Insurance Holdings will comprise Somerset Reinsurance, Investors Heritage and Hudson Life.
Via Management Solutions will offer shared services and technology support.
Somerset Re, based in Bermuda, focuses on capital-efficient reinsurance solutions for life and annuity insurers.
It was acquired by Aquarian Holdings in January 2023.
Investors Heritage, a US-based life and annuity insurer established in 1960, became part of Aquarian Holdings in 2018.
Hudson Life, acquired and rebranded by Aquarian Holdings in 2022, specialises in providing insurance policies within New York State.
Via, a third-party administrator, utilises technological expertise originally developed through Investors Heritage.
Sahay said: 'We see opportunity within the insurance sector, and Aquarian Insurance Holdings is the next evolution of our portfolio. We will be able to leverage best practices and shared services across the organisation, specifically the technology expertise and leadership within our Investors Heritage business. All of which position us for continued growth and expansion.'
John Frye, operating partner at Aquarian Holdings and president of Investors Heritage, and Jeff Burt, CEO of Somerset Re, will serve as Co-CEOs of Aquarian Insurance Holdings.
Frye has served in senior leadership positions at Advisors Excel, Security Benefit and General Electric.
Burt, who previously served as chairman and CEO of Somerset Re, will continue as co-CEO alongside Somerset Re's incoming CEO during the transition.
His experience includes serving as president of Hannover Life Reassurance Company of America, where he led more than 100 structured reinsurance transactions.
"Aquarian Holdings forms insurance division to enhance growth and synergies " was originally created and published by Life Insurance International, a GlobalData owned brand.
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