Ares, Aspida Confirm Closing Of F&G Acquisition

December 20, 2020

Ares Management Corporation and Aspida Holdings confirmed the completion of Aspida’s previously announced acquisition of F&G Reinsurance from FGL Holdings.

A spokesperson said, “Ares Management Corporation [Ares] and its indirect subsidiary Aspida Holdings Ltd. [Aspida] jointly announced today the completion of Aspida’s previously announced acquisition of F&G Reinsurance Ltd from FGL Holdings [F&G], a subsidiary of Fidelity National Financial, Inc. [FNF].

“As part of the transaction, Aspida will enter into a strategic flow reinsurance agreement with F&G related to certain annuity products. Terms of the all cash transaction were not disclosed.

“The Company, a Bermuda-domiciled life and annuity reinsurer with approximately $2 billion in invested assets as of September 30, 2020, will continue to operate as a reinsurance company in Bermuda under the Aspida brand.

“Members of the Company’s management team will remain in place. Aspida Re intends to be a solutions provider to insurance partners that are looking to optimize their balance sheets and be best positioned for future growth.

“Through Ares Insurance Solutions [AIS], Ares remains focused on enhancing its capabilities to originate and manage insurance assets to scale Aspida’s platform. This has included the recent appointment of Raj Krishnan, Partner and Chief Investment Officer of AIS, who will 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.”

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