Cambial Research · Insurance Assets

Shareholder Returns to Date

Estimated returns to Martello Re's investors, August 2021 – December 2025, computed only from disclosed figures. Per-investor allocations are not public; this page states exactly what can and cannot be attributed.

01Basis

Facts available for estimation

Disclosed: dated capital contributions and the one return of capital (audited equity rollforwards); Form D aggregate — $1,639,625,000 sold to 39 investors, first sale 13-Aug-2021; period-end capital on three bases (GAAP equity, Bermuda statutory C&S, EBS); related-party fees by counterparty; no dividends paid in any period.
Not disclosed: any investor's ownership percentage or commitment; unit/NAV pricing of subscriptions by vintage; LP-class structure and side-letter terms; carried interest or GP economics, if any; the Barings/Centerbridge split of the HoldCo new-business fee.
Structural assumption (stated, not sourced): a single class of LP interests participating pro rata — consistent with one open-ended Form D offering and one LP vehicle, but not verifiable from public documents.

02Aggregate

Cash flows between shareholders and the company

US$ thousands · audited equity rollforwards. Dates for IRR use mid-period convention (2021: 01-Oct; other years: 01-Jul).
Date	Contribution	Distribution
2021 (21-Jul – 31-Dec)	(306,045)	—
FY2022	(1,162,197)	—
FY2023	(222,500)	—
FY2024	(606,540)	250,000
FY2025	(690,975)	—
Total	(2,988,257)	250,000

Aggregate return measures at YE2025, by capital basis · derived
Basis	Terminal value	+ distributions	Multiple (MOIC)	Money-weighted IRR
GAAP shareholder's equity	2,206,621	2,456,621	0.82x	−8.6%/yr
Bermuda statutory capital & surplus	3,281,268	3,531,268	1.18x	+7.3%/yr
EBS statutory capital	2,771,000	3,021,000	1.01x	+0.5%/yr

MOIC = (terminal value + distributions) / gross contributions. IRR solves the dated flow series above against each terminal value; changing the mid-period convention by ±3 months moves the IRRs by roughly ±0.5pp. The three bases differ mechanically: GAAP carries funds-withheld portfolios at fair value and the retained deficit $(486,289)K; statutory C&S admits surplus notes ($441,000K) and letters of credit ($415,625K) as capital; EBS re-marks liabilities. No terminal value is a transaction price; none of these is a realized return.

03By shareholder

Attribution by investor, to the limit of disclosure

Under the single-class assumption, every LP's multiple and IRR equal the aggregate figures above regardless of stake size; ownership percentage scales dollars, not rates. Vintage timing differences between investors cannot be computed — subscription pricing by year is not disclosed.

US$ thousands unless noted · disclosed amounts only; "n/d" = not disclosed
Investor	LP stake	Pro-rata LP return	Disclosed affiliated income FY2022–25	Other disclosed economics
MassMutual	n/d	aggregate rates × stake	138,716	Barings IM fees 137,675 + deal 1,041; share of HoldCo new-business fee (76,832 total) n/d; GP control via Barings; $320,000 ceding commission received by Ascend (2022, block consideration — cedant-side, not a shareholder return)
Centerbridge Partners	n/d	aggregate rates × stake	50,582	CMA IM fees 41,490 + deal 9,092; share of new-business fee n/d; SC IV fund holds equity interests (size n/d); 2 board seats
Brown Brothers Harriman	n/d	aggregate rates × stake	—	Distributes via three client vehicles (Martello Re Series I/II, Cayman Unit Trust Sub-Trust); any BBH client fees are outside Martello's filings; 2 board seats
HSCM Bermuda	n/d	aggregate rates × stake	—	Named founding investor; nothing further disclosed
~34 other investors	n/d	aggregate rates × stake	—	Institutions and family offices per press; count from Form D (39 total)

Per-unit-of-ownership economics (illustrative scaling of disclosed aggregates)

US$ thousands per 1% of LP interests · pure pro-rata arithmetic on disclosed totals
Per 1% of LP	Contributed (gross)	Distributions received	GAAP value YE25	Statutory value YE25
Amount	29,883	2,500	22,066	32,813

04Sponsor streams

Fee income to sponsor entities, distinct from LP returns

US$ thousands · audited related-party notes, FY2022–FY2025. These are payments for services to sponsor-affiliated entities; they accrue by contract, not by shareholding.
Recipient	FY2022	FY2023	FY2024	FY2025	Total
Barings (MassMutual) — IM fees	26,470	29,371	34,769	47,065	137,675
Centerbridge — IM fees	4,375	8,511	12,213	16,391	41,490
Deal expenses (B/CB)	n/d	n/d	2,779	7,354	10,133
HoldCo — new-business fee (for B+CB)	16,296	18,441	20,597	21,498	76,832
ServiceCo — services agreement	1,218	12,551	20,512	24,431	58,712
HoldCo — surplus-note interest	1,595	15,793	26,768	31,913	76,069
Total	49,954	84,667	117,638	148,652	400,911

Surplus-note interest and the HoldCo fees are paid within the ownership chain; their ultimate incidence across the 39 LPs versus the sponsors depends on undisclosed HoldCo/LP economics. ServiceCo operates under a services-and-expense agreement (cost basis not disclosed).

All-in view: fee outflows counted as returns

Treating the $400,911K of disclosed fee payments as returns to the shareholder group — on the premise that the fee recipients are shareholder-affiliated entities — and adding them, dated, to the shareholder cash-flow series:

US$ thousands · derived. Return set = distributions 250,000 + fee outflows 400,911 + terminal value.
Basis	Terminal value	+ distributions + fees	All-in MOIC	All-in IRR
GAAP shareholder's equity	2,206,621	2,857,532	0.96x	−2.2%/yr
Bermuda statutory capital & surplus	3,281,268	3,932,179	1.32x	+13.1%/yr
EBS statutory capital	2,771,000	3,521,911	1.15x	+6.5%/yr

Two caveats on this view. First, fees are gross receipts to Barings, Centerbridge, HoldCo and ServiceCo — service delivery costs against them are not disclosed, so the net return content of the $400,911K is unknown. Second, the fees do not accrue pro rata to the 39 investors: they accrue by contract to MassMutual (via Barings, ≥$138,716K) and Centerbridge (≥$50,582K), plus chain entities. On this view the fee-recipient sponsors earn the all-in rates on their LP stakes plus the fee stream, while non-sponsor LPs earn only the §02 rates — the gap between the two tables is the measure of sponsor-versus-passive economics.

05Limitations

What this page cannot determine

Any investor's dollar return: stakes are not public. The multiples/IRRs apply per unit of ownership under the single-class assumption only.
Vintage effects: subscription pricing for the 2022–2025 contributions is not disclosed; later entrants' returns differ from Aug-2021 subscribers' in a direction and magnitude that cannot be computed.
GP/carry economics, side letters, and any preferential terms: not public.
Realization: no secondary transactions or valuations of LP interests are disclosed; all terminal values are accounting measures at YE2025.
The 2024 $250,000K return of capital's allocation among investors: not disclosed.