(Bloomberg) -- Martello Re, a Bermuda-based life and annuity reinsurance company, is in talks to raise at least $800 million of new equity, according to people with knowledge of the matter.

The company has commitments from new and existing investors, said the people, who requested anonymity discussing confidential talks. A transaction hasn’t been finalized, and the capital raise may be upsized, one of the people said. 

Centerbridge Partners, Massachusetts Mutual Life Insurance Co. and Barings were among a consortium which announced the launch of Martello Re with initial equity of $1.65 billion in January 2022.   

A Centerbridge representative declined to comment. Representatives for Martello Re, MassMutual and Barings didn’t immediately respond to requests for comment. 

Martello Re, led by Chief Executive Officer Dennis Ho, has deployed more than $2 billion in capital and manages more than $20 billion in assets, its website shows. 

“We started at $14 billion of AUM, we’re at $19 billion, we started with five people, we’re at 54 people,” Ho said in a January conversation with Barings head of portfolio solutions and analytics Colin Gordon posted on the Barings website. “If you look at our business plan and our growth over the next three or four years, we’ll probably double our AUM,” he said. 

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