NASHVILLE, Tenn., Nov. 13,
2024 /PRNewswire/ -- AllianceBernstein L.P.
("AB") (NYSE: AB), a leading global investment management firm,
today announced plans to expand its insurance business through a
non-exclusive partnership with Reinsurance Group of America,
Incorporated ("RGA") (NYSE: RGA).
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
U.S. asset-intensive market. As part of this transaction, AB
intends to manage private alternative assets for RGA's general
account.
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 $793 billion in
assets under management. Additional information about AB may be
found on our website, www.alliancebernstein.com.
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SOURCE AllianceBernstein