Newly formed financial services company, Ancient Financial, has entered into a definitive agreement to acquire F&G Life Re (F&G Re), a Bermuda-based provider of life and annuity reinsurance.
F&G Re is to be renamed Ancient Re, and 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.
"We are excited to launch Ancient Financial’s reinsurance and asset management platform with the acquisition of F&G Re,” said Erich Schram, CEO of Ancient Financial. “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."
“This is a true win-win transaction for both F&G and Ancient,” added Chris Blunt, CEO of F&G. “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.”
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.
The transaction is expected to close during the first quarter of 2026.
