M&A Deal Summary

Aquarian Holdings Acquires Somerset Reinsurance

On June 6, 2022, Aquarian Holdings acquired insurance company Somerset Reinsurance from Atlas Merchant Capital

Acquisition Highlights
  • This is Aquarian Holdings’ 2nd transaction in the Insurance sector.
  • This is Aquarian Holdings’ 1st transaction in Bermuda.

M&A Deal Summary
Date 2022-06-06
Target Somerset Reinsurance
Sector Insurance
Buyer(s) Aquarian Holdings
Sellers(s) Atlas Merchant Capital
Deal Type Add-on Acquisition
Advisor(s) Barclays Investment Bank
Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) (Financial)
Mayer Brown
Conyers Dill & Pearman (Legal)

Target

Somerset Reinsurance

Pembroke, Bermuda
Somerset Reinsurance is a provider of reinsurance solutions for asset-intensive life insurance and annuity businesses, helping its clients manage capital efficiency and improve their financial results. Its solutions include programs for new business flow and management of legacy blocks of life insurance and annuities. Somerset Reinsurance is based in Pembroke, Bermuda.

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Buyer(S) 1

Buyer

Aquarian Holdings

New York, New York, United States
Category Company
Sector Diversified
DESCRIPTION

Aquarian Holdings is a diversified holding company with interests in businesses including insurance, asset management, real estate, and technology. The Company draws on its experience to provide debt and equity capital solutions that meet the objectives of our partners and portfolio companies. Aquarian Holdings is based in New York.

DEAL STATS #
Overall 2 of 3
Sector (Insurance) 2 of 2
Type (Add-on Acquisition) 1 of 1
Country (Bermuda) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-16 PLICNY

New York, New York, United States

PLICNY is a New York-domiciled insurance company licensed to underwrite business in New York and Delaware.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-30 Pace Equity

Milwaukee, Wisconsin, United States

Pace Equity is a provider of funding for commercial property-assessed clean energy (C-PACE) projects offering private capital to fund components of a commercial building’s construction budget that have measurable water, energy, or renewable resource savings. Pace Equity is based in Milwaukee, Wisconsin.

Buy -

Seller(S) 1

SELLER

Atlas Merchant Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
Size Middle-Market
Type Sector Focused
DESCRIPTION

Atlas Merchant Capital LLC is an operationally oriented private investment group focused on the financial services sector. Atlas Merchant Capital was formed in 2013 and is headquartered in New York City.

DEAL STATS #
Overall 4 of 4
Sector (Insurance) 2 of 2
Type (Add-on Acquisition) 2 of 2
Country (Bermuda) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-26 Ascensus

Dresher, Pennsylvania, United States

Ascensus is an independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most retirement, education, and healthcare. Ascensus was formed in 1980 and is based in Dresher, Pennsylvania.

Sell -
Mergr

Product

Company

Legal