Ancient Financial, a newly established financial services company, has entered into a definitive agreement to acquire F&G Life Re, a Bermuda-based life and annuity reinsurance provider, from a subsidiary of F&G Annuities & Life. Upon completion of the transaction, F&G Life Re will be renamed Ancient Re.
As part of the agreement, F&G will also enter into a forward-flow reinsurance arrangement with Ancient Re, establishing an ongoing partnership between the two firms.
Ancient Financial launches as a specialized reinsurance and asset management platform focused on the life and annuity sector. The company will operate independently and will not be governed by an existing insurance company or asset manager. It is backed by significant equity commitments from Ancient Management LP, alongside a consortium of single-family offices and institutional investors.
The firm will be led by Erich Schram, who previously served as Head of Insurance Portfolios at Blackstone Credit as a Senior Managing Director.
The acquisition is expected to close in the first quarter of 2026.
“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.
