Ares-backed Aspida accelerates growth strategy with dual M&A deals
Global alternative asset manager Ares Management Corporation and its indirect subsidiary Aspida Holdings have acquired a US-based insurance service provider and operations company as it looks to scale its platform in line with its organic and inorganic growth strategy.
Aspida has acquired Global Bankers Insurance Group, and separately, a subsidiary of Aspida has entered into an agreement to acquire a US life insurance company that is broadly licensed nationwide.
The transaction will add insurance industry professionals, an infrastructure and technology platform to enable Aspida to build a scalable retirement focused business across the US. The two entities will form the foundation for Aspida’s nationwide life and annuity platform, which is expected to be in position to begin issuing annuities and other products in 2022.
The company will be rebranded as Aspida Financial Services.
The acquisition of Aspida Financial marks a "milestone" in the growth of Aspida’s insurance platform and will complement Aspida Re, a Bermuda-domiciled life and annuity reinsurer launched last year. With approximately $2.3 billion in assets under management as of March 31, 2021, Aspida looks to scale its platform in line with its organic and inorganic growth strategy, including underwriting new insurance products, executing reinsurance transactions, and pursuing opportunistic acquisitions.
“With these transactions, we will have the people, technology, and infrastructure in place to launch our primary insurance platform, initially focusing on fixed and indexed annuity products," said Lou Hensley, chief executive officer and president of Aspida (pictured). "In addition, leveraging the investment capabilities of Ares Insurance Solutions and our significant investment in technology gives us the ability to differentiate our product offering."
Hensley added: “We recognize the growing opportunity for stable and secure retirement products that accumulate value and create predictable income generation, and we look forward to being in position to match that demand with a competitive, consumer-centric product suite.”
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