Another asset manager enters the ‘Bermuda Triangle’ fixed annuity business
October 7, 2020 by Editorial Staff
‘Aspida’s three-pronged strategy includes executing new reinsurance contracts, pursuing opportunistic acquisitions of insurance companies and issuing new annuity and life insurance products,’ an Ares Asset Management release said.
Aspida Holdings Ltd., an indirect subsidiary of Ares Management Corp., has agreed to buy all outstanding common shares in F&G Reinsurance Ltd, a Bermuda-domiciled life and annuity reinsurer with approximately $2 billion in invested assets as of June 30, 2020. Terms were not disclosed, but the consideration will be all cash.