Somerset Reinsurance has announced the appointment of Danish Iqbal (pictured above) as its new chief executive officer, effective April 30.
Iqbal succeeds Jeff Burt, who was recently named co-CEO of Aquarian Insurance Holdings, Somerset Re's newly formed parent company. During the leadership transition, Iqbal and Burt will serve jointly as co-CEOs to maintain continuity.
Iqbal previously worked for Somerset Re, serving as head of pricing and valuation earlier in his career. Before his tenure at Somerset Re, he was president of Neptune Reinsurance Limited, a Bermuda-based reinsurer integrated into Somerset Re in December.
At Neptune, Iqbal managed the establishment of corporate infrastructure and oversaw licensing by the Bermuda Monetary Authority (BMA). Prior to Neptune, Iqbal served as chief actuary at Aspida Re, formerly known as F&G Re, where he managed actuarial operations and led the company’s sale process to Ares Management Corporation.
Iqbal is a fellow of the Society of Actuaries, a CFA charter holder, and a member of the American Academy of Actuaries. He holds a bachelor’s degree in honors statistics from the University of Waterloo.
Commenting on his appointment, Iqbal expressed his intention to build Somerset Re into a leading global reinsurance partner by providing capital-efficient solutions to clients in the life and annuity markets.
Iqbal’s promotion follows the appointment of Riley LaTour as Somerset Re’s chief risk officer. 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.
In February, the reinsurer also finalized three reinsurance transactions and has three additional deals in progress.
The completed agreements include a new business flow partnership for fixed index annuities (FIA) with a major US insurer, an inforce transaction involving corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) with another US provider, and a long-term disability reinsurance arrangement with a US disability insurer.
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