Participated · Equity · Nov 2024

Ruby Re is a Missouri-domiciled third-party life reinsurance company established as an insurance sidecar vehicle. The vehicle is positioned to provide asset-intensive reinsurance capacity and to scale those capabilities as capital is deployed. RGA announced the platform and continues to support it; RGA executives framed the raise as validation of the strategy and track record. The company has now raised a total of $480 million in committed capital, near the top of its $400M–$500M target range. Investors include institutional and specialist insurance investors who committed in an initial close and a second round of capital. AllianceBernstein appointed a member to Ruby Re’s board following its commitment, signaling investor governance involvement. Ruby Reinsurance Company is a Missouri-based third-party life reinsurance company focused on the US asset-intensive business. Its business model reinsures transactions from Reinsurance Group of America (RGA) without directly engaging with clients. Ruby Re completed an initial funding round securing equity capital commitments from Golub Capital, Hudson Structured Capital Management Ltd. (operating as HSCM Bermuda), and Sammons Financial Group. RGA plans to retrocede an existing block of liabilities worth $2.5 billion to Ruby Re and will cede a quota share of future qualifying business, subject to underwriting standards and regulatory approvals. Jefferies served as financial advisor and Oliver Wyman provided actuarial support; Latham & Watkins advised RGA and Sidley Austin represented the lead investors. RGA describes the vehicle as alternative capital that expands its capacity on attractive terms for clients, shareholders, and Ruby investors.