Ruby Re reaches milestone in fundraising

Ruby Re, supported by the Reinsurance Group of America (RGA), has successfully completed its second funding round, securing a total of USD 480 million in capital. The Missouri-based company operates as a third-party reinsurer in life reinsurance. Investors in the current funding round include prominent players such as AllianceBernstein (AB), EnTrust Global, and Enstar Group. Notably, AB is now also represented with a member on Ruby Re's Board of Directors. Additional terms of the funding round have not been disclosed. Leslie Barbi, Chief Investment Officer and Executive Vice President of RGA, emphasized the significance of this successful capital raise as a critical advancement for the innovative insurance platform. With the newly committed capital, Ruby Re is well-positioned to further expand its capacity-intensive capabilities. This second funding round builds on the initial investments from Golub Capital, Hudson Structured Capital Management, and Sammons Financial Group. Thanks to the recent capital commitments, Ruby Re is nearing the upper end of its target range of USD 400 to 500 million. Jefferies acted as a financial advisor for the funding round, supported by Oliver Wyman and the law firm Latham & Watkins. Originally established in December of last year, Ruby Re operates as a reinsurance sidecar vehicle for RGA, without direct customer contact. In the early phase, RGA transferred a block consisting of USD 2.5 billion in liabilities to Ruby Re and granted a quota share in future corresponding businesses. RGA, founded in 1973, specializes in life and health reinsurance as well as financial solutions. As of September 30, 2024, RGA managed nearly USD 4 trillion in life reinsurance and recorded total assets of USD 120.3 billion. Recently, RGA appointed Axel André as the new Executive Vice President, with the intention of promoting him to CFO after a transition period.