Martello Re announced that it has successfully closed a second round of equity financing, raising $935 million in equity commitments from existing and new shareholders. This amount exceeds the initial target of $800 million set at the launch of the capital raising.

In addition, Martello Re increased its existing credit facilities by $360 million, adding four new banks to its lender pool. Combined with the company’s existing equity financing capacity and credit facilities, this brings Martello Re’s total drawn and undrawn capital to approximately $3.6 billion.

Dennis Ho (pictured above), CEO of Martello Re, described the achievement as an important milestone for the company.

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“Since launching just over two years ago, Martello Re has rapidly grown to more than 70 employees and more than $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,” said Hu.

Read more: Martello Re in talks to raise new equity

He also praised the critical support from the company’s founders MassMutual, Barings, Centerbridge Partners, and Brown Brothers Harriman, as well as the dedication of the company’s employees.

“Our company is excited to continue executing on our long-term strategy to provide life and pension insurers with a financially strong reinsurance partner dedicated to helping them grow their most important lines of business,” he said.

The capital raised will support Martello Re’s existing subsidiaries, enable the company to provide reinsurance support to other partners in the coming years, and allow for selective expansion into new business lines and geographies over time.

Martello Re said its strategy is to continue to focus on maintaining exceptional financial strength, managing risk prudently and fostering long-term partnerships with major insurance companies in the industry.

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