Aspida Holdings, an indirect subsidiary of Ares Management Corporation, has finalised its acquisition of US based insurer Global Bankers Insurance Group.
The acquisition will see Global Bankers rebranded as Aspida Financial and will provide a team of over 100 insurance industry professionals and an infrastructure and technology platform Aspida believes will enable the expansion of its retirement focused business across the US.
Separately, a subsidiary of Aspida has also recently entered into an agreement to acquire a US life insurance company that is broadly licensed nationwide.
In combination with Aspida Financial, these two entities will form the foundation for Aspida’s nationwide life and annuity platform, which is expected to be in position to begin issuing annuities and other products in 2022.
“With these transactions, we will have the people, technology, and infrastructure in place to launch our primary insurance platform, initially focusing on fixed and indexed annuity products,” said Lou Hensley, Chief Executive Officer and President of Aspida.
“In addition, leveraging the investment capabilities of Ares Insurance Solutions and our significant investment in technology gives us the ability to differentiate our product offering.”
“We recognize the growing opportunity for stable and secure retirement products that accumulate value and create predictable income generation, and we look forward to being in position to match that demand with a competitive, consumer-centric product suite.”