Reinsurance firm Somerset Re has raised it share capitalisation to $375 million, with help from a group of investors.

Somerset Re said three strategic investors and a group of wealthy individual investors had put up capital.

Somerset Re, formerly known as Weisshorn Re, adopted its new name, along with a new brand identity, following its move from Switzerland to Bermuda.

Pat Kelleher, Somerset Re CEO, said: “With completion of this capital raise, Somerset Re is well positioned to serve the needs of the life insurance industry with reliable, long-term reinsurance solutions in this persistent low interest rate environment.”

Mr Kelleher added that the firm’s strengths were in its underwriting and asset and liability management.

He said: “We’re focused on creating long-term value for our investors and clients through deep partnerships based on a consultative approach to reinsurance.”

Among Somerset’s investors are German-based Hannover Re, one of the world’s top five reinsurance companies and Atlas Merchant Capital LLC, which is based in New York and London and was founded by Bob Diamond and David Schamis.

“Hannover Re will collaborate with the company to bring comprehensive reinsurance structures to the US life and annuity reinsurance market,” Somerset’s statement added.

Mr Kelleher added that Somerset Re’s strategic investors reflect the company’s emphasis on both reinsurance experience and capital markets expertise.

He said: “We are truly fortunate to have a group of investors who have the financial strength, capital markets acumen and long-term focus that can help us execute on our growth strategy.”