Ancient Financial (“Ancient Financial”), a newly formed financial services company, today announced that it has entered into a definitive agreement to acquire F&G Life Re Ltd. (“F&G Re”), to be renamed Ancient Re Ltd. (“Ancient Re”), a Bermuda-based provider of life and annuity reinsurance, from a subsidiary of F&G Annuities & Life, Inc. (“F&G”). In partnership with Ancient, F&G will enter into a forward-flow reinsurance agreement with Ancient Re.

Ancient Financial launches 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. 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 LP (“Ancient”), 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, CEO 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 preeminent underwriting and distribution franchise to drive mutual growth."

“This is a true win-win transaction for both F&G and Ancient,” added Chris Blunt, CEO of F&G. “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.”

Ancient Financial will be led by industry veteran Erich Schram, who previously served as Head of Blackstone’s Insurance Portfolios as a Senior Managing Director with Blackstone Credit. He was also previously the Head of Credit Origination and Trading as a Senior Managing Director of Blackstone Insurance Solutions. Prior to Blackstone, Mr. Schram served as 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.

For Ancient Financial, Barclays served as exclusive financial advisor and Sidley Austin LLP and Walkers (Bermuda) Limited served as the legal advisors. Actuarial and strategic services were provided by Milliman, Inc. and Oliver Wyman.

For F&G, Milliman served as actuarial advisor and Skadden, Arps, Slate, Meagher & Flom LLP and ASW Law Limited served as legal advisors in connection with this transaction.

About Ancient Financial

Ancient Financial, an affiliate of Ancient, is a financial services company focused on life and annuity reinsurance and asset management. The platform is structured to align the interests of investors, policyholders, and management, combining the stable earnings of an insurance business with the scalable, fee-based economics of an investment manager.

About Ancient

Founded by Alexander Klabin, Ancient is a long-term investor in unique and enduring businesses across both specialty finance and specialized services. The firm provides long-term capital and operational expertise to a focused group of platforms where it can drive transformative growth in partnership with visionary leaders.

About F&G

F&G Annuities & Life, Inc. is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.

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