Recently launched Bermuda domiciled life and annuity reinsurer, Martello Re, has reportedly completed its first reinsurance transaction.
The firm, which launched less than two months ago, said it had completed a transaction covering $14bn of inforce fixed annuity and fixed indexed annuity policies issued by a MassMutual subsidiary which will continue to service all the policies reinsured.
In addition, the company said that it had made a number of key appointments, adding Jeremy Coquinco as its head of investment strategy; Justin Mosbo, who joins as chief actuary; Alana Rathbun, who will be Chief Risk Officer; and Gregory Tyers, who joins as Chief Financial Officer.
Dennis Ho, Chief Executive Officer of Martello Re, said in a statement that it was an exciting time for the company.
He added: “We are pleased to close our initial transaction and thrilled to have such a talented and experienced group of leaders join our company. We look forward to continuing the buildout of our platform in support of Martello Re’s mission to help insurers grow their businesses profitably and consistently, while ensuring they are well-positioned to deliver on all of their promises to policyholders.”
Martello Re launched in January with the backing of Massachusetts Mutual Life Insurance Company, Centerbridge Partners, Brown Brothers Harriman, and a of institutional investors and family offices, including Hudson Structured Capital Management. It is reportedly a licensed Class E reinsurer with initial equity of $1.65bn.
At the time, Reinsurance News reported that MassMutual was set to cede approximately $14bn of general account liabilities to Martello Re and also enter into a flow arrangement to reinsure new business. After receiving regulatory approval, both the first and second transaction were expected to close last month.
Martello Re now claims to be one of the largest life and annuity reinsurers based in Bermuda. Certainly, its growth in prominence has been impressive, given that only twelve days after it announced its launch, it joined the Bermuda International Long-Term Insurers and Reinsurers association.
