Somerset Re has appointed Danish Iqbal as its new CEO, succeeding Jeff Burt.
Iqbal will assume the role from 30 April 2025, the company said.
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Burt is set to take on the role of co-CEO at Aquarian Insurance Holdings, the holding company for Somerset Re.
They will work together as co-CEOs during the transition to ensure “consistent leadership”, the company said its press release.
Iqbal is rejoining Somerset Re, having previously served as head of pricing and valuation.
His most recent role was as president of Neptune Reinsurance, a Bermuda-based reinsurer that integrated into Somerset Re in December 2024.
During his presidency, he established the company’s infrastructure and obtaining licensing from the Bermuda Monetary Authority.
Before his tenure at Neptune Reinsurance, Iqbal held the position of chief actuary at Aspida Re, formerly known as F&G Re.
His responsibilities included overseeing all actuarial functions and leading the company through its sale to Ares Management Corporation.
Iqbal said: “It is an honour to be selected as CEO for Somerset Re. 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.”
Burt added: “I can’t imagine a better person to take over this role. I have worked with Danish for many years and know the company is in great hands.”
This executive change follows the establishment of Aquarian Insurance Holdings, which became the parent company of Somerset Re in 2023.
Somerset Re provides reinsurance solutions for the life insurance and annuity sectors globally, offering support for new business management of legacy blocks and capital-driven reinsurance solutions.
It is a part of Aquarian, which took over the company in 2023.
