This latest round of investment includes commitments from prominent financial institutions such as AllianceBernstein L.P., EnTrust Global, and Enstar Group. As part of this round, AB will appoint a representative to Ruby Re’s Board of Directors.
When combined with the initial investments from Golub Capital, Hudson Structured Capital Management, and Sammons Financial Group, Ruby Re’s total capital raised now approaches the upper end of its targeted range of $400 million to $500 million.
Jefferies acted as financial advisor and Oliver Wyman provided actuarial support. Latham & Watkins LLP acted as legal advisors to RGA and Ruby Re. Additional terms are not being disclosed at this time.
Leslie Barbi, Executive Vice President, Chief Investment Officer, RGA, said: “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.”
“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,” said Onur Erzan, Head of Global Client Group and Head of Bernstein Private Wealth.
Barbi added: “The continued backing and support from our investment partners validates our strategy and our strong track record in asset-intensive reinsurance.”