Membership in the Bermuda International Long Term Insurers and Reinsurers organisation has grown to a record 64 companies with the addition of Martello Re Limited and SFG Bermuda Ltd to the association.

Martello Re CEO Dennis Ho said: “Martello Re is glad to officially launch and we are excited to join the life reinsurer community in Bermuda. 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.”

Biltir said SFG Bermuda was established this year as a subsidiary of US-based life and annuity company Sammons Financial Group.

SFG Bermuda will support Sammons Financial Group in providing life insurance, annuity, and retirement planning products.

Don Lyons, president of SFG Bermuda, said: “SFG Bermuda Ltd is pleased to partner with Bermuda International Long Term Insurers and Reinsurers as we continue to grow our business.

“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 executive director Martin Laframboise said: “I am pleased to welcome SFG Bermuda Ltd and Martello Re to Biltir. 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.”

Biltir is celebrating its 10th anniversary. Launched in June 2011 with five members, the association represents on-island life re/insurance and supporting service businesses.

Member companies employ more than 600 people on the island.