Ancient Financial, a newly formed financial services company, has launched as a strategic asset management and reinsurance holding company and announced a definitive agreement to acquire F&G Life Re Ltd. from a subsidiary of F&G Annuities & Life, Inc. F&G Life Re Ltd., a Bermuda-based provider of life and annuity reinsurance, will be renamed Ancient Re Ltd. following the close of the transaction. In partnership with Ancient Financial, F&G will enter into a forward-flow reinsurance agreement with Ancient Re.
Ancient Financial is debuting as a specialized 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. According to the company, this structure supports an open-architecture approach to assets and liabilities, enabling bespoke reinsurance and asset management solutions.
The company is backed by significant equity commitments from Ancient Management LP, alongside a consortium of single-family offices and institutional investors.
Ancient Financial will be led by Erich Schram, an industry veteran who previously served as Head of Blackstone’s Insurance Portfolios as a Senior Managing Director with Blackstone Credit. He also held the role of Head of Credit Origination and Trading as a Senior Managing Director of Blackstone Insurance Solutions. Prior to Blackstone, Schram was Chief Investment Officer of Guggenheim Life and Annuity Company from 2013 to 2018, where he oversaw investment strategy and direct investments across structured products, corporate debt, and equity. Ancient’s founder, Chairman, and CEO Alexander Klabin will serve as Chairman of Ancient Financial.
The transaction is expected to close during the first quarter of 2026.
Support: Barclays served as exclusive financial advisor to Ancient Financial, with Sidley Austin LLP and Walkers (Bermuda) Limited acting as legal advisors. Milliman, Inc. and Oliver Wyman provided actuarial and strategic services. For F&G, Milliman acted as actuarial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP and ASW Law Limited served as legal advisors.
KEY QUOTES:
“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.”
Erich Schram, CEO Of Ancient Financial
“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, CEO Of F&G
