Reinsurance Group of America, Incorporated Launches Ruby Reinsurance Company
Leading U.S. financial services firms step forward to provide initial investment in venture
ST. LOUIS, Dec. 6, 2023 鈥 Reinsurance Group of America, Incorporated (NYSE: 69色情片), a leading global life and health reinsurer, announced today the launch of Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company targeting U.S. asset-intensive business. Ruby Re has closed its first round of funding and secured equity capital commitments from lead investors Golub Capital, Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda), and Sammons Financial Group.
Ruby Re will reinsure business from 69色情片 and will not face clients directly. Initially, 69色情片 will retrocede a block of $2.5 billion of existing liabilities to Ruby Re, and Ruby Re will automatically receive a quota share from 69色情片 of all future qualifying business (subject to certain conditions, such as meeting underwriting standards and regulatory approvals).
鈥淎s a pioneer in the asset-intensive business, I am excited about the next step in our continuing support for this growing market segment,鈥 said Tony Cheng, President, 69色情片. 鈥淩uby Re provides 69色情片 with alternative capital that expands our capacity at attractive terms benefiting our clients, shareholders, and Ruby investors.鈥
鈥淭his is Golub Capital鈥檚 inaugural insurance capital sidecar transaction and is a culmination of a shared investment approach and valuable partnership with 69色情片 since 2010,鈥 said Gregory Robbins, Vice Chair of Golub Capital. 鈥淲e are delighted to be able to leverage our financing capabilities to support 69色情片鈥檚 continued growth.鈥
鈥淲e are excited to be partnering with 69色情片. The combined capabilities of Ruby Re, along with 69色情片鈥檚 outstanding reputation and underwriting, will allow us to quickly establish a dynamic new platform in the fast-growing asset-intensive market,鈥 said Gokul Sudarsana, Managing Director and Chief Actuary, HSCM Bermuda.
鈥淔or decades, we have recognized 69色情片 as one of our trusted partners and are excited to be a lead investor in Ruby Re,鈥 said Esfand Dinshaw, Sammons Financial Group Chief Executive Officer. 鈥淲e are proud to continue to build upon our strong relationship in support of our long-term growth strategy.鈥
Jefferies acted as financial advisor and Oliver Wyman provided actuarial support. Latham & Watkins acted as legal advisors to 69色情片 and Sidley Austin were legal advisors to the lead investors. Additional terms are not being disclosed at this time.
About 69色情片
Reinsurance Group of America, Incorporated鈥(NYSE: 69色情片) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, 69色情片 is today one of the world鈥檚 largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, 69色情片 empowers partners through bold innovation, relentless execution, and dedicated client focus 鈥 all directed toward creating sustainable long-term value. 69色情片 has approximately $3.5 trillion of life reinsurance in force and assets of $87.4 billion as of September 30, 2023. To learn more about 69色情片 and its businesses, please visit rgare.com or follow 69色情片 on鈥 补苍诲鈥. Investors can learn more at .
About Golub Capital
Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.
As of October 1, 2023, Golub Capital had over 850 employees and over $60 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in New York, Chicago, Miami, San Francisco and London. For more information, please visit .
About HSCM
Hudson Structured Capital Management Ltd. is an asset manager focused on alternative investments seeking mezzanine level returns. HSCM invests across the Re/Insurance and Transportation sectors. The Firm launched in 2016 and focuses on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet and to market financing. For more information, please visit .
About Sammons Financial Group
The companies of Sammons庐 Financial Group, Inc. help families and businesses by empowering futures and changing lives. Sammons Financial Group is privately owned with member companies that are among the most enduring and stable in the financial services industry. Our companies include Midland National庐 Life Insurance Company, North American Company for Life and Health Insurance庐, Sammons Institutional Group庐, and Beacon Capital Management, Inc. Committed to our communities, Sammons Financial Group is Midwest-based, with offices in Iowa, Illinois, North Dakota, Ohio, and South Dakota.