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Aspida Aims to Enter the Annuity Arena in 2022

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What You Need to Know

  • Aspida announced the acquisition of Global Bankers earlier this month.
  • It acquired F&G Re in December 2020.
  • The company now has $2.3 billion in assets under management and plans to issue new products soon.

Aspida Holdings says it expects to begin selling annuities and other products starting in 2022.

The Durham, North Carolina-based company announced the acquisition of Global Bankers Insurance Group LLC earlier this month.

The company acquired F&G Reinsurance Ltd. from Fidelity National Financial in December 2020 and changed the name of that company to Aspida Re.

It says it now has about 100 employees, $2.3 billion in assets, and a deal for a “U.S. life insurance company that is broadly licensed nationwide” in the pipeline.

Lou Hensley, Aspida’s CEO, said in a statement that Aspida how has the people, technology and infrastructure it needs to sell new fixed and indexed annuities.

Ares and Aspida

Ares Management Corp., a Los Angeles based investment manager, started Aspida to get into the U.S. life and annuity insurance and reinsurance markets.

Ares’ Ares Insurance Solutions unit will help Aspida find and manage investments, the company says.

“Ares” was the Greek god of war. “Aspida” is the Greek word for shield.

Global Bankers

The heart of Aspida, Global Bankers, is what’s left of a group of insurers created by Greg Lindberg. The group included Bankers Life Insurance Co., Colorado Bankers Life Insurance Co. and Southland National Insurance Corp.

A federal court jury convicted Lindberg of bribery in March 2020, in connection with allegations that he tried to use campaign donations to have North Carolina’s insurance commissioner remove a deputy commissioner. A judge sentenced Lindberg to prison. He is now in the Montgomery Federal Prison Camp, a minimum security facility in Alabama.

At press time, Aspida had not provided any details about the structure of the Global Bankers transaction, such as a description of what business entities the deal includes.

In July 2019, Aspida agreed to acquire Global Bankers’ Pavonia Life Insurance Company of Michigan unit..

Aspida referred to the Global Bankers deal as closed, but it added that the transaction “is pursuant to the regulatory and court approved settlement agreement related to Aspida’s previously disclosed transaction with Pavonia Life Insurance Company of Michigan.”

Global Bankers name was changed to Aspida Financial.

Aspida Re

Aspida Re — Aspida Financial’s reinsurer sibling — is based in Hamilton, Bermuda.

The firm hired Jon Steffen, who has been the approved actuary at Athene Life Re Ltd., to be Aspida Re’s president. Steffen also has worked for Milliman and for ACE Group.

Steffen has a bachelor’s degree in actuarial science from the University of Illinois at Champaign-Urbana. He holds the member of the American Academy of Actuaries, fellow of the Society of Actuaries and Chartered Enterprise Risk Analyst professional designations.

 (Photo: Shutterstock)