SFG Bermuda And Martello Re Join BILTIR

January 24, 2022 | 0 Comments

Bermuda International Long Term Insurers and Reinsurers [BILTIR] has announced that Martello Re Limited and SFG Bermuda Ltd have joined the association, bringing the number of member companies to a record high of 64.

Martello Re was licensed in Bermuda to support the future growth of MassMutual, which intends to cede $14 billion of liabilities and future new business to Martello Re this year.

“The company was launched with $1.65 billion of capital with the support of MassMutual, Centerbridge Partners, Brown Brothers Harriman, and other institutional investors, including Hudson Structured Capital Management. Martello Re is led by CEO Dennis Ho, who brings 22 years of life sector experience in roles at Longitude Re, BlackRock Solutions, and Deutsche Bank.”

“Martello Re is glad to officially launch and we are excited to join the life reinsurer community in Bermuda,” said Martello Re Chief Executive Officer Dennis 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.”

SFG Bermuda was established this year as a subsidiary of U.S.-based life and annuity company Sammons Financial Group. Member companies of Sammons include Midland National Life Insurance Company and North American Company for Life and Health Insurance. SFG Bermuda will support Sammons Financial Group in providing life insurance, annuity, and retirement planning products.

“SFG Bermuda Ltd is pleased to partner with Bermuda International Long Term Insurers and Reinsurers [BILTIR] as we continue to grow our business,” said Don Lyons, President of SFG Bermuda. “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 celebrating its 10th anniversary. Launched in June 2011 with five members, the association now represents 64 on-island life re/insurance and supporting service businesses. Member companies employ more than 600 people on the island,” the organisation said.

“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.”

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