Ruby Re closes second round of funding

RGA announced that Ruby Reinsurance Company, a Missouri-domiciled third-party life reinsurance company, has successfully closed a second round of funding, raising a total of $480 million in capital.

The second round includes capital commitments from AllianceBernstein L.P., EnTrust Global, and Enstar Group, among others, with AB appointing a member to the Ruby Re Board of Directors. Combined with the initial investments from Golub Capital, Hudson Structured Capital Management and Sammons Financial Group, Ruby Re’s total capital raised of $480 million is near the upper limit of the $400 million-$500 million target range for the vehicle.

“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,” said Leslie Barbi, Executive Vice President, Chief Investment Officer, RGA. “The continued backing and support from our investment partners validates our strategy and our strong track record in asset-intensive reinsurance.”

“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.