Michael Baumstein joins Martello Re as Chief Investment Officer and Chief Financial Officer; Virginia Perinelli and Alana Rathbun receive promotions

Leadership changes to support long-term growth at Martello Re and execution of strategy to build the premier reinsurer of asset-intensive life and annuity liabilities

HAMILTON, Bermuda and CHARLOTTE, N.C., July 6, 2023 /PRNewswire/ -- Martello Re Limited ("Martello Re") today announced the appointment of Michael Baumstein as the company's Chief Investment Officer and Chief Financial Officer, effective immediately. Michael brings 30 years of reinsurance, banking, and private equity experience and was most recently Head of Private Equity & Real Assets at Barings as well as a Martello Re board member.

In his new role, Michael 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. Michael 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 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." 

Commenting on his appointment, Baumstein noted, "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 addition to Michael Baumstein's appointment, two other Executive Leadership changes were recently made:

• Alana Rathbun's role has been expanded and she is now Chief Governance, Risk, and Compliance Officer for Martello Re.
  
  
• Virginia Perinelli has been promoted to Chief Strategy and Implementation Officer for Martello Re.

Both Alana and Virginia remain on Martello Re's Executive Leadership Team and will continue to report to Dennis Ho. Commenting on these promotions, Ho noted, "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. 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."

About Martello Re Limited

Martello Re Limited is a Bermuda-domiciled Class E life and annuity reinsurer that provides reinsurance solutions to top U.S. writers of asset-intensive life and annuity products. We offer a differentiated value proposition through customized solutions, extensive investment capabilities, and exceptional financial strength. Founded in 2022, our company was formed by a premier group of institutional investors and family offices and is backed by $1.65 billion of capital. For more information, visit www.martellore.com.

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SOURCE Martello Re Limited