Reinsurance Group of America (RGA) , a global life and health reinsurer, has announced today that Ruby Re, a reinsurance sidecar vehicle sponsored by RGA and focused on the US asset-intensive market has successfully closed a second round of funding, raising a total of $480 million in capital.
The second round includes capital commitments from AllianceBernstein L.P. (AB), EnTrust Global, and Enstar Group, among others, with AB appointing a member to the Ruby Re Board of Directors.
Ruby Re has successfully raised nearly $480 million in capital, thanks to the combined initial investments from Golub Capital, Hudson Structured Capital Management Ltd. (HSCM Bermuda), and Sammons Financial Group.
This sum puts the vehicle close to the top end of its initial fundraising target of $400 million to $500 million.
Leslie Barbi, Executive Vice President, Chief Investment Officer, RGA, commented: “Ruby Re’s successful second capital raise, closing at the top of our targeted range, marks a major milestone for this innovative insurance sidecar platform.
“With significant committed capital now in place, Ruby Re is primed to scale its asset-intensive capabilities and capacity. The continued backing and support from our investment partners validates our strategy and our strong track record in asset-intensive reinsurance.”
As part of this transaction, AB intends to manage private alternative assets for RGA’s general account.
AB’s investment in Ruby Re signifies a significant moment in the organisation’s goal of leadership within insurance asset management.
Onur Erzan, Head of Global Client Group and Head of Bernstein Private Wealth, stated: “Our investment in Ruby Re affirms AB’s continued strategic focus on the insurance market and in growing our investment management business.
“We are thrilled to partner with RGA on this differentiated platform and to participate in the asset-intensive reinsurance market.
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Publish date : 2024-11-13 02:39:00
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