Ancient Financial, a newly formed financial services company specializing in life and annuity reinsurance and asset management, has entered into a definitive agreement to acquire Bermuda-based life and annuity reinsurer F&G Re from a subsidiary of F&G Annuities & Life, which will be renamed Ancient Re upon closing.
As part of Ancient, Ancient Financial will be supported by significant equity commitments from its parent company and a syndicate of established single family offices and blue chip institutional investors.
However, the company will reportedly operate independently and will not be governed by existing insurance companies or asset managers.
This structure supports an open architecture approach to assets and liabilities, Gu said.
cient Financial will be led by industry veteran Erich Schram, who previously served as senior managing director at Blackstone Credit, where he served as head of Blackstone’s insurance portfolio.
Schram also previously served as senior managing director at Blackstone Insurance Solutions, where he served as head of credit origination and trading.
Prior to joining Blackstone, Schram served as chief investment officer of Guggenheim Life and Annuity Company from 2013 to 2018.
At the same time, Ancient founder, chairman and CEO Alexander Klabin will serve as chairman of Ancient Financial.
As part of the transaction, F&G will enter into a forward reinsurance agreement with Ancient Re.
Erich Schram, CEO of Ancient Financial, commented: “We are pleased to launch Ancient Financial’s reinsurance and asset management platform through the acquisition of F&G Re.
“This acquisition is a cornerstone of our platform. We look forward to continuing to work with F&G and leveraging their exceptional underwriting and distribution franchise to drive mutual growth.”
F&G CEO Chris Blunt said: “This is a true win-win transaction for both F&G and Ancient. We have the opportunity to monetize business that is no longer needed to support our reinsurance strategy while adding a high-quality flow reinsurance partner.”
