Martello Re announces closing of $1.3 billion capital raise consisting of $935 million in equity and a $360 million upsize of the Company's credit facility
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 /PRNewswire/ — 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.
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