Somerset Reinsurance Ltd announced the appointment of Riley LaTour (pictured above) as its chief risk officer, effective immediately. In his new role, LaTour will oversee the company’s risk management strategies and operations.
LaTour previously served as Somerset Re’s head of risk analytics, where he managed quantitative risk assessments and assisted in executing the company’s risk management strategy.
Before joining Somerset Re, he was part of the risk management teams at Kemper Corporation and Securian Financial Group, where he contributed to developing and implementing risk management frameworks.
LaTour holds designations as a fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst. He completed his undergraduate studies in actuarial science at the University of Wisconsin – Eau Claire, graduating with honors. LaTour will continue to be based in Bermuda.
“Since joining Somerset, Riley has been a critical and thoughtful part of our strong risk culture, and we look forward to continued growth of the Risk function under his leadership,” said Stephen Robb, chief financial officer at Somerset.
“Somerset Re has a robust risk management framework and a history of enhancing capabilities in advance of business requirements. I am excited to continue this legacy and to contribute further to the progression of the enterprise as Somerset Re’s chief risk officer,” LaTour said.
In April, Somerset Re completed a major reinsurance transaction with Prudential Financial involving a portion of the latter’s guaranteed universal life insurance block.
Initially unveiled on July 24, 2023, this move, Prudential said, aligns with its strategic efforts to mitigate market sensitivity and enhance capital efficiency. The financial outcomes stemming from this transaction are anticipated to align with projections shared in the original July 2023 announcement.
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