Ancient Financial to Acquire F&G Life Re

Ancient Financial, a newly formed financial services company, has entered into a definitive agreement to acquire F&G Life Re, to be renamed Ancient Re, a Bermuda-based provider of life and annuity reinsurance, from a subsidiary of F&G Annuities & Life. In partnership with Ancient, F&G will enter into a forward-flow reinsurance agreement with Ancient Re.

Ancient Financial launches as a specialized reinsurance and asset management platform focused on the life and annuity sector. The firm will operate independently and will not be governed by an existing insurance company or asset manager.

The company is supported by significant equity commitments from Ancient Management LP, alongside a consortium of single-family offices and blue-chip institutional investors.

Ancient Financial will be led by Erich Schram, who previously served as Head of Blackstone’s Insurance Portfolios as a Senior Managing Director with Blackstone Credit.

The transaction is expected to close during the first quarter of 2026.

“We are excited to launch Ancient Financial’s reinsurance and asset management platform with the acquisition of F&G Re. This acquisition serves as the cornerstone of our platform. We look forward to continuing our partnership with F&G and leveraging their preeminent underwriting and distribution franchise to drive mutual growth.” – Erich Schram, CEO of Ancient Financial.

“This is a true win-win transaction for both F&G and Ancient. We had the opportunity to monetize an operation that was no longer needed to support our reinsurance strategy, while adding a quality flow reinsurance partner.” – Chris Blunt, CEO of F&G.