HAMILTON, Bermuda & NEW YORK — February 23, 2026
Executive Summary
Ancient Financial, a newly established financial services platform, has formally launched its operations with the announcement of a definitive agreement to acquire F&G Life Re Ltd., a Bermuda-based provider of life and annuity reinsurance, from a subsidiary of F&G Annuities & Life, Inc. Upon closing, F&G Life Re Ltd. will be renamed Ancient Re Ltd., serving as the cornerstone of Ancient Financial’s independent reinsurance and asset management platform focused exclusively on the life and annuity sector. In connection with the transaction, F&G will enter into a forward-flow reinsurance agreement with Ancient Re, establishing an ongoing strategic partnership. The platform is backed by significant equity commitments from Ancient Management LP and a consortium of single-family offices and institutional investors. The transaction is expected to close during the first quarter of 2026.
Announcement Overview
Ancient Financial has launched as a specialized reinsurance and asset management holding company with a defined focus on the life and annuity industry. The company’s debut coincides with its first major strategic action: entering into a definitive agreement to acquire F&G Life Re Ltd. from a subsidiary of F&G Annuities & Life, Inc.
Following the closing of the transaction, F&G Life Re Ltd. will be renamed Ancient Re Ltd., establishing a Bermuda-based reinsurance platform under Ancient Financial’s ownership. The acquisition is structured to serve as the foundational operating entity within the broader platform, positioning Ancient Financial to deliver bespoke reinsurance and asset management solutions to life and annuity insurers.
As part of the transaction framework, F&G will enter into a forward-flow reinsurance agreement with Ancient Re. This arrangement creates a continuing relationship between the parties, enabling the ongoing cession of reinsurance business to Ancient Re under agreed parameters. The structure allows F&G to maintain strategic flexibility while partnering with a newly formed, specialized reinsurance entity aligned to its underwriting and distribution capabilities.
Ancient Financial will operate independently and will not be governed by an existing insurance carrier or asset management firm. This independent structure is designed to support an open-architecture approach to both assets and liabilities, allowing the platform to engage across multiple underwriting partners and investment strategies without structural constraints imposed by legacy balance sheets or parent-company mandates.
Key Announcement Details
- Announcement Category: Corporate launch and definitive acquisition agreement
- Launch Entity: Ancient Financial
- Launch Status: Newly formed financial services company
- Corporate Affiliation: Affiliate of Ancient
- Strategic Focus: Life and annuity reinsurance and asset management
- Platform Structure: Independent financial services holding company
- Governance Structure: Not governed by an existing insurance carrier
- Asset Management Structure: Not governed by an existing asset manager
- Operating Philosophy: Open-architecture asset and liability management model
- Primary Strategic Transaction: Acquisition of a life and annuity reinsurance entity
- Acquisition Target: F&G Life Re Ltd.
- Post-Transaction Name of Target: Ancient Re Ltd.
- Target Business Type: Provider of life and annuity reinsurance
- Target Jurisdiction: Bermuda
- Seller: Subsidiary of F&G Annuities & Life, Inc.
- Seller Parent Company: F&G Annuities & Life, Inc.
- Seller Headquarters (as disclosed in About section): Des Moines, Iowa
- Transaction Agreement Status: Definitive agreement executed
- Strategic Partnership Component: Forward-flow reinsurance agreement
- Forward-Flow Counterparty: F&G
- Forward-Flow Purpose: Ongoing reinsurance relationship following acquisition
- Transaction Timeline: Expected closing during first quarter of 2026
- Equity Capital Source: Significant equity commitments
- Primary Capital Provider: Ancient Management LP
- Additional Capital Providers: Consortium of single-family offices
- Institutional Investor Participation: Blue-chip institutional investors
- Chief Executive Officer, Ancient Financial: Erich Schram
- CEO Prior Role 1: Head of Blackstone’s Insurance Portfolios, Senior Managing Director, Blackstone Credit
- CEO Prior Role 2: Head of Credit Origination and Trading, Senior Managing Director, Blackstone Insurance Solutions
- CEO Prior Role 3: Chief Investment Officer, Guggenheim Life and Annuity Company (2013–2018)
- Chairman, Ancient Financial: Alexander Klabin
- Chairman Additional Role: Founder and CEO of Ancient
- Seller CEO: Chris Blunt
- Seller CEO Title: Chief Executive Officer, F&G
- Financial Advisor to Ancient Financial: Barclays (exclusive financial advisor)
- Legal Advisor to Ancient Financial (Primary): Sidley Austin LLP
- Legal Advisor to Ancient Financial (Bermuda Counsel): Walkers (Bermuda) Limited
- Actuarial Advisor to Ancient Financial: Milliman, Inc.
- Strategic Advisory Firm to Ancient Financial: Oliver Wyman
- Actuarial Advisor to F&G: Milliman
- Legal Advisor to F&G (Primary): Skadden, Arps, Slate, Meagher & Flom LLP
- Legal Advisor to F&G (Bermuda Counsel): ASW Law Limited
- Reinsurance Sector Classification: Life and annuity reinsurance
- Business Model Positioning (as stated): Combination of stable insurance earnings and scalable fee-based investment manager economics
- Geographic Reference Points in Announcement Header: Hamilton, Bermuda and New York
Platform Structure and Strategic Positioning
Ancient Financial has been formed as a purpose-built reinsurance and asset management platform dedicated to the life and annuity sector. The firm’s structure reflects a deliberate choice to operate independently rather than as a captive subsidiary of an existing insurer or global asset manager.
This independence enables an open-architecture model across both asset and liability management. In practical terms, this structure allows Ancient Financial to evaluate reinsurance opportunities without structural alignment to a single underwriting balance sheet and to deploy investment strategies without being constrained by legacy asset mandates.
The acquisition of F&G Life Re Ltd. provides an operational foundation within Bermuda, a jurisdiction recognized for its established reinsurance framework and regulatory environment. Through Ancient Re Ltd., the platform will combine reinsurance liabilities with asset management capabilities under a unified governance framework.
By integrating reinsurance underwriting flows with capital markets execution, Ancient Financial is structured to align investor capital, policyholder obligations, and asset management discipline within a single platform.
Leadership and Governance
Ancient Financial will be led by Erich Schram, who assumes the role of Chief Executive Officer. Mr. Schram brings prior leadership experience across insurance and credit-focused investment platforms.
He previously served as Head of Blackstone’s Insurance Portfolios as a Senior Managing Director with Blackstone Credit. In that capacity, he oversaw insurance-related investment activities and portfolio management strategies. He also served as Head of Credit Origination and Trading as a Senior Managing Director of Blackstone Insurance Solutions, where he was responsible for credit structuring and execution within insurance-linked portfolios.
Prior to his tenure at Blackstone, Mr. Schram served as Chief Investment Officer of Guggenheim Life and Annuity Company from 2013 to 2018. In that role, he oversaw investment strategy and direct investments across structured products, corporate debt, and equity portfolios, aligning asset management decisions with long-duration insurance liabilities.
Alexander Klabin, Founder of Ancient, will serve as Chairman of Ancient Financial. In his role, Mr. Klabin will provide strategic oversight and governance continuity between Ancient Management LP and the newly formed holding company.
Transaction Framework and Partnership Dynamics
The acquisition agreement provides for the transfer of ownership of F&G Life Re Ltd. from a subsidiary of F&G to Ancient Financial. Upon closing, the entity will operate under the name Ancient Re Ltd.
In addition to the acquisition, F&G will enter into a forward-flow reinsurance agreement with Ancient Re. This arrangement formalizes an ongoing relationship in which reinsurance business is ceded under defined contractual terms.
From F&G’s perspective, the transaction enables the monetization of an operation that was no longer required to support its internal reinsurance strategy. From Ancient Financial’s perspective, the acquisition provides an established Bermuda-based reinsurance platform to anchor its broader asset management and liability strategy.
“This acquisition serves as the cornerstone of our platform,” said Erich Schram, CEO of Ancient Financial. “We look forward to continuing our partnership with F&G and leveraging their preeminent underwriting and distribution franchise to drive mutual growth.”
Chris Blunt, CEO of F&G, stated, “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.”
The structure preserves strategic alignment between the parties while enabling each to pursue distinct operational priorities.
Advisory and Professional Support
Barclays served as exclusive financial advisor to Ancient Financial in connection with the transaction. Legal counsel for Ancient Financial was provided by Sidley Austin LLP and Walkers (Bermuda) Limited. Actuarial and strategic advisory services were delivered by Milliman, Inc. and Oliver Wyman.
For F&G, Milliman served as actuarial advisor, and legal counsel was provided by Skadden, Arps, Slate, Meagher & Flom LLP and ASW Law Limited.
The engagement of specialized financial, actuarial, and legal advisors reflects the technical and regulatory dimensions inherent in life and annuity reinsurance transactions.
About Ancient Financial
Ancient Financial is a newly formed financial services holding company focused exclusively on life and annuity reinsurance and asset management. The company operates as an independent platform and is not controlled by an existing insurance carrier or asset management firm. Its structure is designed to support an open-architecture model across both liabilities and investment strategies, enabling alignment between reinsurance underwriting flows and asset management execution.
The company’s launch is anchored by its agreement to acquire F&G Life Re Ltd., a Bermuda-based life and annuity reinsurer that will be renamed Ancient Re Ltd. upon closing. The acquisition establishes the operating foundation of Ancient Financial’s reinsurance platform in Bermuda, a jurisdiction recognized for its established life and annuity reinsurance framework.
Ancient Financial is supported by significant equity commitments from Ancient Management LP, alongside a consortium of single-family offices and blue-chip institutional investors. The platform combines the earnings profile of a reinsurance business with fee-based asset management economics under unified governance.
The transaction forming Ancient Re Ltd. is expected to close in the first quarter of 2026.
About Ancient
Ancient is an investment firm founded by Alexander Klabin and focused on long-term ownership of businesses operating in specialty finance and specialized services. The firm provides permanent and long-duration capital to a concentrated portfolio of platforms where it seeks to partner directly with management teams in support of operational development and strategic execution.
Ancient’s investment mandate centers on businesses with durable cash flow characteristics and structural growth potential within defined sectors. The firm deploys capital alongside governance oversight and operational engagement rather than passive capital allocation. Its model emphasizes alignment between investors and operators, with a focus on building platforms designed for sustained expansion rather than transactional turnover.
Through its affiliate, Ancient Financial, the firm has extended its investment strategy into the life and annuity reinsurance and asset management sector. The formation of Ancient Financial represents a structured entry into regulated insurance-related financial services, integrating reinsurance underwriting capacity with asset management execution under a dedicated holding company framework.
Ancient operates as a private investment firm and does not publicly disclose assets under management. Its capital base includes commitments from institutional investors and private capital sources aligned with its long-duration investment philosophy.
About F&G
F&G Annuities & Life, Inc. is a provider of insurance solutions serving both retail and institutional clients in the United States. Headquartered in Des Moines, Iowa, F&G operates within the life insurance and annuity markets, offering products designed to support retirement income planning and long-term financial objectives.
The company distributes annuity and life insurance products through established distribution networks and maintains underwriting, risk management, and reinsurance capabilities supporting its core operations. Its institutional offerings complement its retail product portfolio, serving financial intermediaries and capital partners.
F&G Life Re Ltd., the entity subject to acquisition by Ancient Financial, operates as a Bermuda-based reinsurance subsidiary within F&G’s broader corporate structure. The transaction enables the transfer of this reinsurance platform to Ancient Financial while establishing an ongoing forward-flow reinsurance relationship between the parties.
F&G continues to operate as a life and annuity provider following the transaction and remains headquartered in Iowa, serving its policyholders and institutional partners through its established underwriting and distribution infrastructure.
Media Contact
For additional information, visit ancient.co, fglifere.bm & investors.fglife.com.
Source Attribution
Source: Company announcement