Bermudian-based Martello Re has appointed Eric Lloyd, the president of Barings, to the company's board of directors.

Mr Lloyd replaces Michael Baumstein, who stepped down from the board recently to join Martello Re full time as chief investment officer and chief financial officer.

Ellen Conlin, chairwoman of Martello Re's board of directors, said: "I am delighted to have an executive of Eric's calibre join our board.

“In his role at Barings, he was instrumental in the successful launch of Martello Re and we are fortunate to be able to continue benefiting from his experience and expertise as we move into our next phase of growth."

The company said Mr Lloyd has more than 30 years of financial services experience and currently serves as president of Barings, where he leads a diverse set of organisations, spanning cross-asset investment, sales and marketing, business and product development and research.

Before joining Barings in 2013, he served as head of market and institutional risk for Wells Fargo, was on the company's management committee and was a member of the board of directors of Wells Fargo Securities.

Before the acquisition of Wachovia, Martello Re said, Mr Lloyd worked in Wachovia's global markets investment banking division and served on the division's operating committee, where he held various leadership positions, including head of Wachovia's global leveraged finance group.

"I am honoured to join Martello Re's board of directors", Mr Lloyd said. "It has been exciting to watch the growth at Martello Re, and I look forward to working closely with Ellen and our other directors to support the continued execution of our long-term strategy."

Martello Re is a Bermudian-domiciled Class E life and annuity reinsurer that provides reinsurance solutions to top US writers of asset-intensive life and annuity products.

Founded in 2022, the company was formed by a premier group of institutional investors and family offices and is backed by $1.65 billion of capital.