A new Bermuda-based life insurer, Ancient Reinsurance has formed, after Ancient Financial entered into a definitive agreement to acquire F&G Life Re.

Ancient Financial, the newly formed financial services company, is 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.

“We are excited to launch Ancient Financial’s reinsurance and asset management platform with the acquisition of F&G Re,” said Erich Schram, chief executive 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 pre-eminent underwriting and distribution franchise to drive mutual growth.”

Chris Blunt, chief executive of F&G, called this a true win-win for 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,” Mr Blunt said.

Mr Schram was previously head of Blackstone’s insurance portfolios as a senior managing director with Blackstone Credit.

He became a partner with Ancient in November 2024.

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

The transaction is expected to close during the first quarter of this year.