Martello Re and SFG Bermuda have joined the Bermuda International Long-Term Insurers and Reinsurers (BILTIR).
The two companies entering BILTIR will reportedly bump the association’s total number of members up to 64, up from the five it began with in 2011.
Martin Laframboise, executive director of BILTIR said he was pleased to welcome Bermuda and Martello Re to the organisation.
He added: “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.”
It might be a good time for reinsurers jumping in to join BILTIR. The organisation has been ringing the bell for the Bermudan reinsurance market for some time. Back in November, it released a report showing that the insurance and reinsurance sector now have $667bn of assets under management and employed more than 600 staff, 60% of whom were Bermudan or the spouse of a Bermudan.
Of BILTIR’s new members, Martello Re was in the news just under two weeks ago when it launched with the backing of the Massachusetts Mutual Life Insurance Company, Centerbridge Partners, Brown Brothers Harriman, and a pre-eminent group of institutional investors and family offices, including Hudson Structured Capital Management. The company is ‘a licensed Class E reinsurer with initial equity of USD 1.65 billion’.
Martello Re is led by chief executive Dennis Ho.
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