Martello Re Limited, an asset-intensive reinsurer, has successfully closed a second round of equity funding, raising $935m from both existing and new shareholders.
This figure exceeds the initial target of $800m set at the launch of the capital raise.
In addition, Martello Re has expanded its current credit facility by $360m, incorporating four new banks into its lender group. The combined capital commitments bring Martello Re’s total drawn and undrawn capital to approximately $3.6bn, establishing a solid foundation for the company’s continued growth.
Martello Re focuses on providing reinsurance solutions with industry-leading underwriting, risk management, and asset management capabilities.
Since its inception just over two years ago, the company has grown rapidly, now managing over $23bn in assets and employing more than 70 staff. It has positioned itself as a significant player in the reinsurance industry, offering robust financial support to insurers.
The newly raised funds will enable Martello Re to support its existing cedants more effectively and to forge new partnerships.
The company plans to expand into new business lines and geographies over time, maintaining a focus on exceptional financial strength and prudent risk management.
These efforts aim to enhance its long-term strategy of providing life and annuity insurers with a dependable reinsurance partner.
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 $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.
“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,” continued Ho.
In addition to the equity raise, Martello Re’s increased credit facility further strengthens its financial position, allowing for more significant strategic investments and partnerships. The company plans to continue supporting its existing cedants and expanding its reach by partnering with new clients and exploring additional markets.
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