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.
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.