Aquarian Buys Majority Stake in Bob Diamond-Backed Reinsurer (1)

Aquarian Holdings agreed to buy a controlling interest in a reinsurer from shareholders including Bob Diamond’s Atlas Merchant Capital.

The deal will give Bermuda-based Somerset Reinsurance Ltd.“immediate and committed new capital to further drive growth,” Aquarian, an investment firm based in New York, said in a statement Monday. The transaction is expected to be completed in the third quarter of 2022. Terms weren’t disclosed.

Somerset, led by Chief Executive Officer Jeff Burt, had $5 billion in assets under management as of Dec. 31, which Aquarian’s investment arm will oversee, a representative for Aquarian said. Hannover Re ...