Ares Management and its indirect subsidiary Aspida Holdings have completed the previously-announced acquisition of F&G Reinsurance from FGL.
As part of the transaction, Aspida will enter into a strategic flow reinsurance agreement with Bermuda-domiciled life and annuity reinsurer F&G, related to certain annuity products.
F&G will continue to operate as a reinsurance company in Bermuda under the name Aspida Re.
Members of the company’s management team will remain in place, with Aspida Re intending to be a solutions provider to insurance partners that are looking to optimise balance sheets and be best positioned for future growth.
Via Ares Insurance Solutions, Ares remains focused on scaling Aspida’s platform and has appointed Raj Krishnan, Partner and Chief Investment Officer of AIS, to lead AIS’s asset management support for Aspida Re and its ceding insurers.
“With support from Ares and the AIS team, Aspida is poised to execute on its organic and inorganic growth strategy seeking to capitalize on the attractive and sizable annuity and retirement market,” said David Reilly, Partner and Head of Ares Insurance Solutions.
“We are excited by the opportunity to partner with insurance companies to help them efficiently meet their capital needs through our reinsurance offerings.”