Two new members for BILTIR
Martello Re and SFG Bermuda have joined the Bermuda International Long Term Insurers and Reinsurers Association (BILTIR).
The additions bring BILTIR’s membership to 64 organisations.
Martello Re was licensed in Bermuda earlier this month to support the growth of Massachusetts Mutual Life Insurance (MassMutual). This year, the life insurer intends to cede $14 billion of liabilities and future new business to Martello Re. It launched with $1.65 billion of capital, with the support of MassMutual, Centerbridge Partners, Brown Brothers Harriman, and institutional investors, including Hudson Structured Capital Management.
The new reinsurer is led by CEO Dennis Ho, who brings 22 years of life sector experience in roles at Longitude Re, BlackRock Solutions and Deutsche Bank.
SFG Bermuda was also established this year as a subsidiary of US life and annuity business Sammons Financial Group. It will support Sammons Financial Group in providing life insurance, annuity, and retirement-planning products.
“Martello Re is glad to officially launch, and we are excited to join the life reinsurer community in Bermuda,” said Ho. “We look forward to working closely with BILTIR and our peers in the coming years to support the continued growth of the life reinsurance market.”
Don Lyons, president of SFG Bermuda, added: “SFG Bermuda Ltd is pleased to partner with Bermuda International Long Term Insurers and Reinsurers as we continue to grow our business.
“As a wholly-owned subsidiary of Sammons Financial Group, Inc., SFG Bermuda looks forward to working closely with BILTIR’s members and playing an active role in Bermuda’s life insurance and annuity industry.”
BILTIR, which represent the life insurance and reinsurance sectors in Bermuda, is currently celebrating its tenth anniversary, having launched with just five members in June 2011. Its member companies now employ more than 600 people on the island.
“I am pleased to welcome SFG Bermuda Ltd and Martello Re to BILTIR,” said BILTIR executive director Martin Laframboise. “We congratulate them on obtaining their licenses and selecting Bermuda as their domicile of choice. We look forward to working with them and our existing members to advocate for Bermuda’s life insurance and reinsurance industry, striving to provide a consistent voice for the life sector.”
