BILTIR goes from strength to strength

It has been a busy start to the year for Bermuda International Long Term Insurers and Reinsurers (BILTIR), which continues to grow, attract new members and add experience to its board.

In January, it announced that new two new members would join the body, bringing its membership to 64—a new high. The last new member to join had been Lombard International Life in August 2021.

Life and annuity reinsurer Martello Re, which launched in Bermuda in January, has joined, as has SFG Bermuda, which was also established this year as a subsidiary of US-based life and annuity company Sammons Financial Group.

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 chief executive officer 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 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 US-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 is pleased to partner with BILTIR as we continue to grow our business,” said Don Lyons, president of SFG Bermuda.

“As a wholly-owned subsidiary of Sammons Financial Group, SFG Bermuda looks forward to working closely with BILTIR’s members and playing an active role in Bermuda’s life insurance and annuity industry.”

“I am pleased to welcome SFG Bermuda and Martello Re to BILTIR,” said BILTIR executive director Martin Laframboise. “We congratulate them on obtaining their licences 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 has appointed Hannah Ross, chief strategy and capital officer at the Argus Group, to its board of directors. A fellow of the Institute of Actuaries UK, Ross has worked at Argus since 2010, and previously held actuarial roles in London with KPMG, Synesis Life and Pension Insurance Corporation.

“I am delighted to join the BILTIR board,” said Ross. “I look forward to working with the BILTIR directors, in particular as we navigate key Bermuda-based issues relating to the economy, social and corporate governance, and diversity, equity and inclusion.”

Laframboise added: “Hannah is an experienced leader with deep knowledge of the local market. Her appointment means BILTIR has now a local Bermudan company at the highest leadership level, which is key to support our mission and strategic objectives.

“I’m happy to have Hannah joining the BILTIR board of directors and extend a warm welcome.”

Bermuda’s life re/insurance companies hold $667 billion of assets under management, according to a 2020 BILTIR report.

BILTIR member companies contribute $500 million in direct and indirect expenditure to the Bermuda’s economy. The life sector employs more than 600 Bermuda-based staff, 60 percent of whom are Bermudan or the spouse of a Bermudan.

BILTIR members contributed over $4 million to community causes in 2020 and supported more than 50 charitable initiatives, embracing corporate social responsibility and community engagement.