F&G agrees to divest Bermuda life and annuity reinsurance unit

Group 1 - F&G Annuities & Life's subsidiary is selling its Bermuda-based life and annuity reinsurance unit, F&G Life Re, to Ancient Financial, which will rebrand it as Ancient Re [1] - The transaction is described as a win-win for both companies, allowing F&G to monetize an unnecessary operation while gaining a quality reinsurance partner [2] - The deal is expected to be completed in the first quarter of 2026, with Ancient Financial focusing on reinsurance and asset management in the life and annuity sector [4] Group 2 - Ancient Financial is structured to operate independently, without oversight from existing insurance companies or asset managers, providing flexibility in reinsurance and asset management solutions [3] - The company is backed by equity commitments from Ancient Management and various family offices and institutional investors [3] - Leadership at Ancient Financial includes Erich Schram, formerly of Blackstone, and Alexander Klabin, who will serve as chairman and CEO [4]