Bermuda-based life and annuity reinsurer Martello Re closed a second round of equity funding, raising $935 mn from existing and new shareholders, surpassing the initial $800 mn target.
Martello Re increased its current credit facility by $360 mn, adding four new banks to its lender group.
These commitments bring the total capital at Martello Re to approximately $3.6 bn (see TOP 20 Reinsurance Companies in Bermuda 2024).
The raised capital will help Martello Re continue supporting its two existing cedants and enable it to provide reinsurance to new partners and expand into new business lines and geographies over time.
Launched in 2022 with support from MassMutual, Centerbridge Partners, Brown Brothers Harriman, and other institutional investors and family offices, including Hudson Structured Capital Management, Martello Re has grown rapidly.
Martello Re’s initial transactions included a $14 bn reinsurance deal with a MassMutual subsidiary.
The company’s growth has been rapid, reaching over $23 bn in assets under management and expanding to more than 70 employees. The reinsurer aims to support its existing cedants and provide reinsurance solutions to additional partners, while selectively expanding into new business lines and geographies.
Through Martello Re, we’ve combined the DNA and core values of MassMutual with the agility of a start-up. We’re a premier reinsurer, offering the industry a unique mix of product expertise, capital, and investment capabilities
Dennis Ho, CEO of Martello Re
“We are now among the largest asset-intensive reinsurers, offering industry-leading underwriting, risk management, and asset management. This achievement is thanks to our founders and dedicated employees. We look forward to continuing our long-term strategy of supporting life and annuity insurers with a strong reinsurance partnership,” said Dennis Ho.
