Ancient Financial to acquire F&G Life Re

Recently formed New York financial services firm Ancient Financial has agreed to acquire Bermuda-based life and annuity reinsurer F&G Life Re, which will be rebranded as Ancient Re following completion of the transaction.

Ancient Financial launches as a specialised reinsurance and asset management platform focused on the life and annuity sector. The firm will operate independently and will not be governed by an existing insurance company or asset manager. This structure supports an open-architecture approach to assets and liabilities, enabling bespoke reinsurance and asset management solutions.

The company is supported by significant equity commitments from Ancient Management, alongside a consortium of sophisticated single-family offices and blue-chip institutional investors.

Ancient Financial will be led by industry veteran Erich Schram, who previously served as head of Blackstone’s insurance portfolios as a senior managing director with Blackstone Credit. He was also previously the head of credit origination and trading as a senior managing director of Blackstone Insurance Solutions. 

Prior to Blackstone, Schram served as chief investment officer of Guggenheim Life and Annuity Company from 2013 to 2018, where he oversaw investment strategy and direct investments across structured products, corporate debt, and equity. 

Ancient’s founder, chairman, and CEO Alexander Klabin will serve as chairman of Ancient Financial.

The transaction is expected to close during the first quarter of 2026

Erich Schram, CEO of Ancient Financial, said: “We are excited to launch Ancient Financial’s reinsurance and asset management platform with the acquisition of F&G Re. This acquisition serves as the cornerstone of our platform. We look forward to continuing our partnership with F&G and leveraging their preeminent underwriting and distribution franchise to drive mutual growth."

Chris Blunt, CEO of F&G, said: “This is a true win-win transaction for both F&G and Ancient. We had the opportunity to monetise an operation that was no longer needed to support our reinsurance strategy, while adding a quality flow reinsurance partner.”.

For Ancient Financial, Barclays served as exclusive financial advisor and Sidley Austin LLP and Walkers (Bermuda) served as the legal advisors. Actuarial and strategic services were provided by Milliman, Inc. and Oliver Wyman.

For F&G, Milliman served as actuarial advisor and Skadden, Arps, Slate, Meagher & Flom LLP and ASW Law served as legal advisors in connection with this transaction.

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