Bermudian-based life reinsurer F&G Reinsurance will operate under a new brand, Aspida Re, after the takeover of the company was completed.

Ares Management Corporation and its indirect subsidiary Aspida Holdings Ltd today announced the completion of Aspida’s previously announced acquisition of F&G Re, a subsidiary of Fidelity National Financial.

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.

F&G Re is a life and annuity reinsurer with approximately $2 billion in invested assets as of September 30, 2020. Members of the Company’s management team will remain in place under its new branding.

Aspida Re “intends to be a solutions provider to insurance partners that are looking to optimise their balance sheets and be best positioned for future growth” a company press release stated.

Raj Krishnan, partner and chief investment officer of Ares Insurance Solutions, will lead AIS’s asset management support for Aspida Re and its ceding insurers.

David Reilly, partner and head of Ares Insurance Solutions, said: “With support from Ares and the AIS team, Aspida is poised to execute on its organic and inorganic growth strategy seeking to capitalise on the attractive and sizeable annuity and retirement market.

“We are excited by the opportunity to partner with insurance companies to help them efficiently meet their capital needs through our reinsurance offerings.”