According to Bloomberg, Bermuda-based life and annuity reinsurance firm Martello Re is currently in talks to secure a minimum of USD 800 million in new equity. Sources familiar with the matter have disclosed that the company has garnered commitments from both existing and new stakeholders.
Although the deal has not been finalised yet, insiders suggest that there is potential for the capital raise to surpass the initial target. Martello Re was initially backed with USD 1.65 billion in equity during its launch in January 2022. This funding came from a consortium comprising Centerbridge Partners, Massachusetts Mutual Life Insurance and Barings.
Centerbridge and Barings also fulfill the role of asset managers for Martello Re. Despite being established only in January 2022, the company swiftly executed its first reinsurance transaction within two months of its inception.
