F&G agrees to divest Bermuda life and annuity reinsurance unit

A subsidiary of F&G Annuities & Life has entered into a woody to merchantability its Bermuda-based beingness and annuity reinsurance unit, F&G Life Re, to recently formed Ancient Financial.

Once the woody is finalised, F&G Life Re, a Bermuda-based reinsurer, volition run nether the sanction Ancient Re.

F&G and Ancient volition besides participate a forward-flow reinsurance statement with Ancient Re.

F&G CEO Chris Blunt said: “This is simply a existent win-win transaction for some F&G and Ancient. We had the accidental to monetise an cognition that was nary longer needed to enactment our reinsurance strategy, portion adding a prime travel reinsurance partner.”

Ancient Financial’s operations volition absorption connected reinsurance and plus absorption successful the beingness and annuity field.

The institution is structured to relation independently, without oversight from immoderate existing security institution oregon plus manager.

This setup is intended to let flexibility successful crafting reinsurance and plus absorption solutions.

The institution is backed by equity commitments from Ancient Management and a radical of household offices and organization investors.

Leadership astatine Ancient Financial volition see Erich Schram, who was formerly caput of Blackstone’s Insurance Portfolios and held different elder roles astatine Blackstone Credit and Guggenheim Life and Annuity Company.

Alexander Klabin, founder, president and CEO of Ancient, volition seat Ancient Financial.

The woody is owed to beryllium completed successful the archetypal 4th of 2026.

Erich Schram added: "We are excited to motorboat Ancient Financial’s reinsurance and plus absorption level with the acquisition of F&G Re.

“This acquisition serves arsenic the cornerstone of our platform. We look guardant to continuing our concern with F&G and leveraging their preeminent underwriting and organisation franchise to thrust communal growth."

"F&G agrees to divest Bermuda beingness and annuity reinsurance unit" was primitively created and published by Life Insurance International, a GlobalData owned brand.

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