Golub Capital is serving as one of the lead investors in Ruby Reinsurance Company, a newly formed reinsurance sidecar vehicle sponsored by Reinsurance Group of America (RGA) that enhances RGA’s access to capital for its U.S. asset intensive business. The lead investment in Ruby Reinsurance Company marks Golub Capital’s inaugural insurance capital sidecar transaction. Deal terms were not disclosed.
RGA and Golub Capital have strategically partnered on multiple projects, with more than $1 billion invested or committed across multiple products. In fact, Golub Capital has provided investment solutions to RGA since 2010 across an array of products.
“While we have an established track record of providing capital efficient investment solutions to insurance companies, this expanded partnership with RGA marks a foundational milestone for Golub Capital as a provider of strategic capital to our insurance partners,” Gregory Robbins, vice chair of Golub Capital, said. “We view capital solutions as an important avenue of future partnership with insurance company clients alongside our longstanding investment and capital efficient structuring capabilities. This transaction provides a replicable model for similar opportunities in the future.”
“Golub Capital has been a trusted strategic partner for RGA, delivering excellent investment returns over many years,” Leslie Barbi, executive vice president and chief investment officer at RGA, said. “This investment is another example of our growing relationship, supporting creative insurance solutions.”
Wells Fargo Securities served as the exclusive financial advisor and Milliman served as actuarial advisor to Golub Capital on the transaction.
