MassMutual backs new reinsurer Martello Re

Martello Re , a licensed Class E Bermuda-based life and annuity reinsurance company with initial equity of $1.65 billion, has been launched with the financial support of MassMutual , Centerbridge Partners, Brown Brothers Harriman, and a group of institutional investors and family offices, including Hudson Structured Capital Management .

Martello Re will initially focus on providing MassMutual and its subsidiaries with reinsurance capacity on current product offerings, after which it will offer its services selectively to other top insurers in the life and annuity space.

MassMutual and its subsidiaries will initially reinsure approximately $14 billion of general account liabilities to Martello Re and also enter into a flow arrangement to reinsure new business. Both transactions are expected to close in February 2022 and have received regulatory approval.

“The launch of Martello Re represents a unique and strategic opportunity for MassMutual that supports our future growth. By coming together with established, world-class partners to build a leading reinsurer, we will be able to more efficiently manage risk and deliver on our long-term commitments while providing ongoing value to our policyowners and customers.” – Roger Crandall, Chairman, President and CEO, MassMutual.

Martello Re will be led by CEO Dennis Ho, a 22-year industry veteran and life actuary who most recently founded Saturday Insurance, an online insurtech platform. Prior to founding Saturday, Ho held a range of other leadership roles including CEO for Longitude Re, Managing Director at BlackRock Solutions, and Head of US Life Insurance Solutions at Deutsche Bank.