Martello Re Limited, the Bermudian-domiciled Class E life and annuity reinsurer, has appointed Michael Baumstein as the company's chief investment officer and chief financial officer.

Mr Baumstein has 30 years of reinsurance, banking, and private equity experience and was most recently head of private equity and real assets at Barings, as well as a Martello Re board member.

In his new role, he will be responsible for leadership of Martello Re's investment and finance functions, supporting its current reinsurance agreements as well as building out the infrastructure to support future growth.

Mr Baumstein will join Martello Re's executive leadership team, reporting to chief executive officer Dennis Ho.

"We are thrilled to have Mike join the team,“ said Mr Ho.

"His experience, expertise, and passion for the business will be a tremendous asset to our cedants and investors and helps to position Martello Re well for our long-term growth plans."

Mr Baumstein said: "I've enjoyed supporting the launch of Martello Re in my role at Barings and as a board member and am now looking forward to working with the management team directly to help drive the company's next phase of growth."

In other executive leadership changes, Alana Rathbun's role has been expanded and she is now chief governance, risk, and compliance officer for Martello Re, and Virginia Perinelli has been promoted to chief strategy and implementation officer.

They remain on Martello Re's executive leadership team and will continue to report to Mr Ho.

"Both Alana and Virginia have been with Martello Re since the company's launch and have been key contributors to the build out and growth of our platform,“ said Mr Ho.

“I look forward to continuing to work together with them to execute on our strategy of building a premier reinsurer to support the top insurers in the US asset-intensive life and annuity markets."