Two Bermudian-based organisations are among those who have made capital commitments to Ruby Reinsurance Company, a Missouri-domiciled third-party life reinsurer that has closed a second round of funding with a total of $480 million raised.

Reinsurance Group of America Inc, the global life and health reinsurer, said Ruby Re’s second round capital commitments were from AllianceBernstein LP, EnTrust Global, and Bermudian-based Enstar Group, among others, with AB appointing a member to the Ruby Re board of directors.

That round combined with the initial investments from Golub Capital, Hudson Structured Capital Management Ltd, doing its [insurance and reinsurance] business as HSCM Bermuda, and Sammons Financial Group, to make up the total raised.

Leslie Barbi, executive vice-president, chief investment officer, at RGA said: “Ruby Re’s successful second capital raise, closing at the top of our targeted range, marks a major milestone for this innovative insurance sidecar platform.

“With significant committed capital now in place, Ruby Re is primed to scale its asset-intensive capabilities and capacity.

“The continued backing and support from our investment partners validates our strategy and our strong track record in asset-intensive reinsurance.”