Martello Re completes its first transaction

02-03-2022

Martello Re completes its first transaction

Dennis Ho, CEO, Martello Re

Martello Re Limited, the newly-created life and annuity reinsurer backed by MassMutual, completed its first reinsurance transaction. It covers $14bn of in-force fixed annuity and fixed indexed annuity policies issued by MassMutual subsidiary, which will continue to service them.

With the close of this transaction, Martello Re is now one of the largest and most well-capitalised life and annuity reinsurers in Bermuda.

“The close of this transaction marks a strategic and innovative opportunity for MassMutual to more efficiently manage risk for the benefit of our policy owners and customers while also supporting our future growth ambitions,” said Elizabeth Ward, MassMutual chief financial officer. “We look forward to working closely with Martello Re and its experienced leadership team in the years ahead.”

Martello Re also announced three new key appointments: Jeremy Coquinco as head of investment strategy and Justin Mosbo as chief actuary, both previously from Nassau Financial Group; Alana Rathbun, as chief risk officer; and Gregory Tyers, formerly head of finance at AIA Reinsurance Limited, who joins Martello Re as chief financial officer.

“This is an exciting time for Martello Re. We are pleased to close our initial transaction and thrilled to have such a talented and experienced group of leaders join our company,” said Dennis Ho, Martello Re CEO.

“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, MassMutual, Appointment, Transaction, Life & Annuity, Insurance, Reinsurance, Elizabeth Ward, Dennis Ho, Bermuda

Bermuda Re