Ancient Financial, a newly formed financial services company focused on life and annuity reinsurance and asset management, has signed a definitive agreement to acquire F&G Life Re from a subsidiary of F&G Annuities & Life. Following closing, F&G Life Re will rebrand as Ancient Re.
It is being created around the acquisition of F&G Life Re Ltd, the Bermuda-based life and annuity reinsurer of F&G Annuities & Life, and is positioned as an independent “open-architecture” reinsurance platform.
The transaction includes a forward-flow reinsurance agreement under which F&G will continue ceding business to Ancient Re, establishing an ongoing partnership between the companies.
Ancient Financial is launching as an independent reinsurance and asset management platform focused on life and annuity liabilities. The firm will not sit under an existing insurer or asset manager.
It is backed by equity commitments from Ancient Management LP and a group of single-family offices and institutional investors.
Erich Schram, former Head of Insurance Portfolios at Blackstone Credit and Senior Managing Director, will lead the company as chief executive officer. He described the F&G Re acquisition as the foundation of the new platform and said the partnership with F&G’s underwriting and distribution franchise will support growth on both sides.
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
Erich Schram, CEO of Ancient Financial
F&G CEO Chris Blunt said the deal allows F&G to monetize a reinsurance operation no longer central to its strategy while securing a dedicated flow reinsurance partner.
“This is a true win-win transaction for both F&G and Ancient. We had the opportunity to monetize an operation that was no longer needed to support our reinsurance strategy, while adding a quality flow reinsurance partner,” Chris Blunt said.
The acquisition is expected to close in the first quarter of 2026. According to Beinsure analysts, the structure reflects continued expansion of third-party capital platforms targeting life and annuity liabilities through Bermuda-based reinsurance vehicles.
