Somerset Re Appoints New Chief Financial Officer and Chief Legal Officer as Firm Builds on Record-Setting Year

HAMILTON, Bermuda--(BUSINESS WIRE)--Somerset Reinsurance Ltd. (“Somerset Re”), a leading provider of asset-intensive reinsurance solutions to the life and annuity market, today announced the appointments of Steve Belcher as Chief Financial Officer (CFO) and Joelina Redden as Chief Legal Officer (CLO). Mr. Belcher is responsible for the firm’s financial and capital management, as well as its accounting, tax and financial reporting. Ms. Redden is responsible for complete legal oversight of the firm’s operations.

These leadership appointments follow a record-setting year for Somerset Re, marked by the firm’s highest deal count to date and one of its strongest periods of premium growth. The year featured robust annuity flow activity and the completion of Somerset Re’s second-largest U.S. in-force reinsurance transaction – a multi-billion-dollar deferred annuity deal that further strengthened the firm’s position as a trusted partner to life and annuity cedants globally.

“This is an important moment for Somerset Re,” said Danish Iqbal, Chief Executive Officer of Somerset Re. “Bringing on Steve and Joelina underscores the growth we’re seeing in our business and our commitment to investing in the right leadership to support our next phase of growth. Both leaders bring deep expertise and leadership that align with the increasingly complex, multi-jurisdictional nature of the transactions we are executing today.”

Steve Belcher – Chief Financial Officer

Mr. Belcher brings more than 34 years of global knowledge and expertise in life and annuity insurance. Prior to joining Somerset Re, he spent 15 years at MetLife, where he most recently served as Senior Vice President, Global Controller and Reinsurance CFO, overseeing accounting and related financial reporting for MetLife’s global insurance and reinsurance subsidiaries. During his tenure at MetLife, Mr. Belcher held several senior finance leadership positions, including U.S. Controller and Global Head of Accounting Policy. Prior to that, he held senior finance leadership roles at AIG, including Global Head of Accounting Policy and Chief Accounting Officer of its global life and annuity subsidiary, American Life Insurance Company.

Mr. Belcher served as Chair of the Accounting Committee of the American Council of Life Insurers (ACLI) from 2017-2021 and as Chair of the American Institute of Certified Public Accountants’ (AICPA) Insurance Experts Panel from 2017-2019. Since June 2022, he has served as a member of the AICPA’s Finance Reporting Executive Committee. He is a CPA and holds a master’s degree in accounting from the University of Illinois Urbana-Champaign.

Joelina Redden – Chief Legal Officer

Ms. Redden joins Somerset Re with over 23 years of experience in the Bermuda (re)insurance industry. Before joining the company, she was General Counsel, Chief Compliance Officer and Corporate Secretary at Athora Life Re Ltd., and Senior Counsel and Corporate Secretary at Athora Holding Ltd., where she was responsible for legal, regulatory, corporate secretarial, governance and compliance matters. Before that, she was Vice President, Associate General Counsel at Allied World Assurance Company, Ltd., and, prior to that, Counsel at Appleby (Bermuda) Limited, where she advised on all aspects of (re)insurance-related corporate, regulatory, compliance and transactional matters.

Ms. Redden graduated with a Bachelor of Arts (cum laude) in Anthropology and International Development Studies from Saint Mary’s University, Halifax, Canada. She earned a Post Graduate Diploma in Law from City St George’s University of London, England and completed the Legal Practice Course at BPP Law School, London. She has been a member of the Bermuda Bar Association since 2002.

Looking Ahead to 2026

With a strong foundation built in 2025, Somerset Re enters 2026 with significant momentum. The firm remains focused on delivering customized, capital-efficient reinsurance solutions to insurers seeking growth, balance sheet optimization and long-term partnership. “We are excited to carry this momentum forward into 2026,” added Mr. Iqbal. “With our strengthened leadership team, we are well positioned to deepen support for our current clients and forge new partnerships throughout the global life and annuity market.”

About Somerset Re

Somerset Re is a leading provider of reinsurance solutions for life insurance and annuity business globally, helping its clients with growth, managing capital efficiency and improving their financial results. With offerings that encompass new business support, legacy block management and capital-driven reinsurance solutions, Somerset Re delivers tailored strategies to meet the diverse needs of its clients. Notably, Somerset Re earned the highest overall Business Capability Index (BCI) rating according to NMG Consulting's 2025 U.S. Structured Financial Solutions study for the Asset-intensive Segment. For more information, visit www.somersetre.com.

About Aquarian

Somerset Re is owned by Aquarian Holdings, a diversified global holding company with a strategic portfolio of insurance and asset management solutions. With a team of distinguished and driven professionals led by founder Rudy Sahay, Aquarian has grown to approximately $25.8B in assets under management as of September 30, 2025. The firm invests across capital structure and creates tailored financing solutions that enable great, high-quality companies to grow and evolve. Aquarian Insurance acquires and operates companies providing retirement income solutions for millions of people. Aquarian Investments deploys capital into opportunities that seek to yield attractive risk-adjusted returns with downside protection for its clients. For more information, visit aquarianlp.com.