Capital raised enables Martello Re to
continue execution of long-term strategy to build the premier
asset-intensive reinsurer supporting top-tier insurers in the US
and globally
HAMILTON, Bermuda and CHARLOTTE, N.C., July 23,
2024 /CNW/ -- Martello Re Limited ("Martello Re")
announced today the successful closing of a second round of equity
funding, raising $935 million of
equity commitments from existing and new shareholders, which
exceeds an initial $800 million
target set at launch of the capital raise. In addition, Martello Re
has upsized its current credit facility by $360 million, adding four new banks to its lender
group. These commitments, when combined with the Company's current
equity and credit facility capacity, brings total drawn and undrawn
capital at Martello Re to approximately $3.6
billion, providing a strong foundation for continued
growth.
Dennis Ho, Chief Executive
Officer of Martello Re, noted, "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
$23 billion 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." Ho continued, "We could not have
reached this point without the support of our founders MassMutual,
Barings, Centerbridge Partners, and Brown Brothers Harriman as well
as the dedication and hard work of our exceptionally talented
employees. 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."
In addition to continuing to support the company's two existing
cedants as a strategic reinsurance partner across a range of
product lines, the capital raised will enable Martello Re to
provide reinsurance support to additional cedant partners expected
to be added in the coming years, and selectively expand into new
business lines and geographies over time. As has been done since
launch, execution of Martello Re's strategy will continue to be
built on a foundation of maintaining exceptional financial
strength, prudent risk management, and creating long-term
partnerships with the top insurers in the industry.
About Martello Re
Martello Re Limited is a Bermuda-based Class E life and annuity
reinsurer launched in 2022 to support insurers in the
asset-intensive life and annuity markets. The company has offices
in Hamilton, Bermuda and
Charlotte, North Carolina. For
more information, visit www.martellore.com.
About MassMutual (Massachusetts Mutual Life Insurance
Company)
MassMutual is a leading mutual life insurance
company that is run for the benefit of its members and
participating policyowners. Founded in 1851, the company has been
continually guided by one consistent purpose: we help people secure
their future and protect the ones they love. With a focus on
delivering long-term value, MassMutual offers a wide range of
protection, accumulation, wealth management, and retirement
products and services. For more information, visit
www.massmutual.com.
About Barings
Barings is a $409+ billion* global asset management firm that
partners with institutional, insurance, and intermediary clients,
and supports leading businesses with flexible financing solutions.
The firm, a subsidiary of MassMutual, seeks to deliver excess
returns by leveraging its global scale and capabilities across
public and private markets in fixed income, real assets and capital
solutions. For more information, visit www.barings.com. *Assets
under management as of June 30,
2024
About Brown Brothers Harriman Private Banking
BBH Private Banking's singular focus is helping our clients achieve
their vision of success for their families, wealth and businesses.
We seek to build long-term relationships with each client on a
foundation of trust, leveraging our perspective and experience as
an investor, advisor and capital provider for over 200 years to
help clients accomplish their goals. We serve individuals,
families, businesses and institutions, offering Multi-Family
Office, Corporate Advisory & Banking, Private Equity and
Endowment & Foundation Management solutions. For more
information, visit www.bbh.com.
About Centerbridge Partners
Centerbridge Partners,
L.P. is a private investment management firm employing a flexible
approach across investment disciplines — Private Equity, Private
Credit and Real Estate — in an effort to develop the most
attractive opportunities for our investors. The Firm was founded in
2005 and, as of March 31, 2024, has
approximately $38 billion in capital
under management with offices in New
York and London.
Centerbridge is dedicated to partnering with world-class management
teams across targeted industry sectors and geographies. For more
information, visit www.centerbridge.com | LinkedIn.
Media Contact:
Kimberly Aldridge
media@martellore.com
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SOURCE Martello Re Limited