Somerset Re has appointed Steve Belcher as chief financial officer and Joelina Redden as chief legal officer, strengthening its senior leadership team as the Bermudian-based reinsurer builds on a record year.

Somerset Re said the appointments followed its highest deal count to date and one of its strongest periods of premium growth, driven by robust annuity flow activity and the completion of its second-largest US in-force reinsurance transaction, a multi-billion-dollar deferred annuity deal.

Danish Iqbal, the chief executive, said the hires pointed to the firm’s growth and the increasing complexity of its transactions.

“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,” he said.

Mr Belcher brings more than three decades of experience in life and annuity insurance. He joins from MetLife, where he most recently served as senior vice-president, global controller and reinsurance CFO. His earlier roles include senior finance leadership positions at AIG. He is a certified public accountant and has held several industry committee roles.

Ms Redden joins with more than 23 years of experience in the Bermuda re/insurance market. She was most recently general counsel, chief compliance officer and corporate secretary at Athora Life Re, having previously held senior legal roles at Allied World Assurance Co and Appleby. She has been a member of the Bermuda Bar since 2002.

Looking ahead to 2026, Somerset Re said it remained focused on delivering capital-efficient reinsurance solutions and deepening partnerships across the global life and annuity market. The company is owned by Aquarian Holdings.