Martello Re, a Bermuda-based reinsurance company specialising in life and annuity sectors, has announced the closure of a $1.3bn capital raise.
This funding round includes $935m in equity from both new and existing shareholders, surpassing the initial $800m target.
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Additionally, the company increased its credit facility by $360m, with four new banks joining its lender group.
The latest financial commitments have brought Martello Re’s total available capital to nearly $3.6bn.
This infusion will be used to support the company’s growth ambitions including reinforcing its role as a reinsurance partner to its two current cedants and expanding its support to additional partners.
Martello Re also plans to diversify into new product lines and geographical markets.
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By GlobalDataThe reinsurer said it will continue executing its strategy based on maintaining financial stability, careful risk management and cultivating enduring partnerships with leading insurers in the sector.
Martello Re is supported by an array of investors including Massachusetts Mutual Life Insurance Company (MassMutual) and Centerbridge Partners.
Other backers include Brown Brothers Harriman, Hudson Structured Capital Management, and a consortium of institutional investors and family offices.
Martello Re CEO Dennis Ho said: “This is an exciting milestone for our company. Since launching a little over two years ago, Martello Re has grown rapidly to more than 70 employees and over $23bn in assets under management.
“Today, we are one of the largest asset-intensive reinsurers in the industry and can offer insurers a reinsurance partner with industry-leading underwriting, risk management and asset management capabilities.
“Our company is excited to continue the execution of our long-term strategy of providing life and annuity insurers with a financially strong reinsurance partner that is dedicated to helping them grow their most important business lines.”
The company, which commenced operations in early 2022 with an initial equity of $1.65bn, has established a presence in Hamilton, Bermuda, and Charlotte, North Carolina.
