Bermuda-based life reinsurance group Wilton Re yesterday reported that it has raised an additional $300 million in committed equity capital from Lehman Brothers Holdings, Inc.

Wilton chairman and chief executive officer Chris Stroup said the capital was needed to continue growth for the company, which was launched two years ago and has units in Connecticut and Bermuda.

“Our original business plan suggested aggregate capital investments of approximately $630 million over a three-year period,” he said. “With a number of significant transactions already completed, we have invested our original equity capital in less than two years. While a good start, our progress also necessitated additional capital to continue growth.

As with Wilton Re’s original capital raise, this round of funding will take the form of irrevocable calls to be drawn down as its business requires. Along with the infusion of capital, Lehman Brothers’ Capital Markets business will develop its North American “principal at risk” life reinsurance business on an exclusive basis through

Wilton Re, further extending the range of solutions offered by Lehman Brothers to its life insurance clients.

Wilton was founded by MMr. Stroup, Trident III, L.P., a private equity fund managed by Stone Point Capital, along with private equity funds managed by Vestar Capital Partners and Friedman, Fleischer & Lowe, among others. \A.M. Best Co. has assigned a financial strength rating of A- (Excellent) to the Wilton Re Group’s operating subsidiaries.