AllianceBernstein Announces Expansion of Insurance Platform
Rhea-AI Summary
AllianceBernstein (AB) announced its expansion in the insurance business through a partnership with Reinsurance Group of America (RGA). AB has been selected as one of the lead investors in Ruby Reinsurance Company (Ruby Re), a reinsurance sidecar vehicle sponsored by RGA focusing on the U.S. asset-intensive market. As part of the transaction, AB will manage private alternative assets for RGA's general account and appoint a member to Ruby Re's Board of Directors. This partnership marks a significant milestone in AB's goal of leadership within insurance asset management and participation in the growing asset-intensive reinsurance market.
Positive
- Strategic expansion into insurance asset management through Ruby Re investment
- New revenue stream through management of RGA's private alternative assets
- Board representation in Ruby Re, providing strategic influence
- Partnership with established player RGA enhances market position
Negative
- None.
News Market Reaction – AB
On the day this news was published, AB declined 1.08%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AB has been named as one of the lead investors in Ruby Reinsurance Company ("Ruby Re"), a reinsurance sidecar vehicle sponsored by RGA and focused on the
AB's investment in Ruby Re represents a significant milestone in the firm's continued goal of leadership within insurance asset management. As part of this financial commitment, AB will also be appointing a member to the Ruby Re Board of Directors.
"Our investment in Ruby Re affirms AB's continued expansion of our insurance platform and growth of our insurance investment management business," said AB's Head of Global Client Group and Head of Bernstein Private Wealth Onur Erzan. "Through our partnership with RGA, AB will participate in the growing asset-intensive reinsurance market."
"We appreciate AB's support and investment in Ruby Re, which is an important component of RGA's growth strategy," said Leslie Barbi, Executive Vice President, Chief Investment Officer, RGA. "This latest investment bolsters our asset-intensive capabilities and reflects AB's confidence in the quality of RGA's platform and belief in our ability to develop innovative solutions for our clients."
"This collaboration and partnership with RGA accelerates our momentum in the insurance space, as earlier this year, we announced Geoff Cornell as our first-ever Chief Investment Officer of Insurance," said AB's Head of Strategy Neil Jain. "We look forward to future opportunities to expand our overall insurance business, capabilities, and platform."
About AllianceBernstein
AllianceBernstein is a leading global investment management firm that offers diversified investment services to institutional investors, individuals, and private wealth clients in major world markets. As of October 31, 2024, AllianceBernstein had
View original content:https://www.prnewswire.com/news-releases/alliancebernstein-announces-expansion-of-insurance-platform-302304196.html
SOURCE AllianceBernstein
FAQ
What is AllianceBernstein's (AB) new partnership with RGA in 2024?
What role will AB have in Ruby Reinsurance Company?
How does the Ruby Re investment align with AB's business strategy?
