Ancient Financial Acquires F&G Life Re Ltd. to Establish Reinsurance Platform

Ancient Financial has emerged as a dynamic player in the financial services sector, positioning itself as a strategic asset management and reinsurance holding entity. The company recently announced its plan to acquire F&G Life Re Ltd., a Bermuda-based company specializing in life and annuity reinsurance. Post-acquisition, F&G Life Re Ltd. will undergo rebranding and operate as Ancient Re Ltd. This acquisition also includes a forward-flow reinsurance agreement between F&G and Ancient Re.

The launch of Ancient Financial signifies the introduction of a specialized reinsurance and asset management platform focused on the life and annuity sectors. Operating independently from any existing insurance company or asset manager, Ancient Financial aims to deliver tailored reinsurance and asset management services through an open-architecture framework that emphasizes assets and liabilities.

Supported by equity investments from Ancient Management LP, single-family offices, and institutional investors, Ancient Financial is set to make a significant impact in the industry. Erich Schram, a seasoned executive with prior leadership roles at Blackstone and Guggenheim Life and Annuity Company, will head the company. Alexander Klabin, the founder, will assume the roles of Chairman and CEO, bringing extensive expertise to the leadership team.

The acquisition is scheduled for completion in the first quarter of 2026. Barclays provided exclusive financial advisory services, while Sidley Austin LLP and Walkers (Bermuda) Limited offered legal counsel to Ancient Financial. Milliman, Inc. and Oliver Wyman contributed crucial actuarial and strategic insights. F&G benefitted from actuarial advice by Milliman and legal assistance from Skadden, Arps, Slate, Meagher & Flom LLP, and ASW Law Limited.

Erich Schram, CEO of Ancient Financial, expressed enthusiasm for the venture: “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, highlighted the mutual benefits, noting the transaction enabled F&G to streamline its strategy while gaining a robust reinsurance partner.