Martello Re Ltd, the Bermudian-based Class E life and annuity reinsurer, has raised $935 million of equity commitments from existing and new shareholders in a second round of equity funding.

The company said that total exceeds an initial $800 million target set at launch of the capital raise.

In addition, Martello Re has upsized its existing credit facility by $360 million, adding four new banks to its lender group.

The company said these commitments, when combined with the company's existing equity and credit facility capacity, bring the total drawn and undrawn capital at Martello Re to approximately $3.6 billion, providing a strong foundation for continued growth.

Dennis Ho, chief executive of Martello Re, said: “This is an exciting milestone for our company. Since launching a little over two years ago, Martello Re has grown rapidly to more than 70 employees and over $23 billion in assets under management.

“Today, we are one of the largest asset-intensive reinsurers in the industry and can offer insurers a reinsurance partner with industry-leading underwriting, risk management and asset management capabilities.

“We could not have reached this point without the support of our founders MassMutual, Barings, Centerbridge Partners and Brown Brothers Harriman as well as the dedication and hard work of our exceptionally talented employees.

“Our company is excited to continue the execution of our long-term strategy of providing life and annuity insurers with a financially strong reinsurance partner that is dedicated to helping them grow their most important business lines.”

A company spokesman said: “In addition to continuing to support the company's two existing cedants as a strategic reinsurance partner across a range of product lines, the capital raised will enable Martello Re to provide reinsurance support to additional cedant partners expected to be added in the coming years, and selectively expand into new business lines and geographies over time.

“As has been done since launch, execution of Martello Re's strategy will continue to be built on a foundation of maintaining exceptional financial strength, prudent risk management, and creating long-term partnerships with the top insurers in the industry.”