Ares Management Corporation, the global alternative investment manager, has secured over $2.3 billion in equity commitments to support the long-term growth of life insurance and annuity company, Aspida Holdings Ltd.
Combined with a recent $700 million credit facilities offering, that Aspida recently closed, total capital raised has now exceeded $3 billion.
Aspida, which officially launched four years ago, is based in Durham, North Carolina. Over that time, the company has managed to grow its platform to over $19 billion in total assets, as of September 30, 2024, leveraging its technology platform for annuity and reinsurance clients.
In addition, the company maintains an open architecture sub-advisor selection, with Ares Insurance Solutions (AIS) managing its assets.
From what we understand, the portfolio is over 90% investment grade and well-matched to the firm’s liabilities.
David Reilly and Ryan Myrick, Partners and Co-Heads of AIS, commented: “This is a remarkable milestone for Aspida, and the Ares team is proud to provide continued support through our capital investment and the AIS team’s services. Propelled by secular tailwinds, including increased life expectancy, rising health care costs and elevated expenses, retirement planners have turned to annuities to offer enhanced after-tax returns.
“By pairing Aspida’s spread-based business model and digital platform with AIS’s leading asset origination and investment capabilities, we believe Aspida is well-positioned to capitalize on these trends and drive continued growth and value creation for its clients and investors.”
Lou Hensley, Chief Executive Officer and President of Aspida, said: “We are excited to announce this significant achievement for Aspida, which reflects the growing demand for our versatile platform offerings and the strength of our relationship with Ares.
“In just four years, we are delivering on our mission to support clients’ financial security by leveraging cutting-edge technology designed to provide superior speed, service and scalability. Combined with access to Ares’ leading global investment platform, Aspida has been able to capitalize on the increasing demand for retirement solutions. On behalf of the entire Aspida team, I want to extend my gratitude to Ares and all our investors for their continued trust and confidence in Aspida’s vision and future.”
The post Ares Management raises over $2.3bn of equity commitments to support Aspida appeared first on ReinsuranceNe.ws.