Aspida Re

About Us

Aspida Life Re Ltd. (Aspida Re) (formerly F&G Reinsurance Ltd) is a Class E licensed company based in Bermuda that provides annuity and life insurance companies with tailored risk management solutions. Aspida Re is an indirect subsidiary of Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager with $179bn¹ in AUM.

Aspida Re’s experienced team of reinsurance professionals works to optimize each reinsurance transaction to maximize the benefits for our clients. Our customized reinsurance solutions help our partners efficiently meet their capital needs while seeking to improve long-term financial results and manage the growth of new business.

Aspida Re’s services are geared to reduce the resource requirements and product launch risks of its partnering carriers, including product development assistance, implementation, valuation, and financial reporting support.

1. As of September 30, 2020. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment advisor.

Deep Capabilities

Our team’s extensive experience in reinsurance, asset liability management, and capital optimization helps carriers looking for new reinsurance capacity reach their goals — all while providing a smooth experience.

Broad Expertise

We specialize in closed block and new business flow reinsurance of asset-intensive and interest rate-sensitive annuity and life insurance liabilities.

Tailored Solutions

We help our clients optimize return on capital and manage growth by implementing bespoke and innovative transactions to release capital, improve ratings, and support new initiatives.

Strong Foundation

With the support of Ares Management Corporation, Aspida Re can execute large reinsurance transactions.

Asset Management

We’ve partnered with Ares Insurance Solutions, who has insurance management experience and over $19.6 billion¹ in assets invested across over 100 insurance clients.

1. As of September 30, 2020. AUM reflects amounts invested across Ares funds, SMAs and co-investments versus one discrete platform.

Meet the Team

Alex Cowley

Chief Executive Officer

Alex oversees the growth and development of Aspida Re with a focus on client results. Alex brings over 35 years of insurance, reinsurance and actuarial experience to Aspida Re having previously served in a variety of senior roles at UBS, Lehman Brothers, GenRe, and MetLife.

Anthony Donaghy

Chief Financial Officer

Anthony joined the company in 2019 and manages the financial operations including regulatory reporting, capital planning, and treasury. Anthony has over 10 years of experience in finance, accounting, and internal audit in the Bermuda (re)insurance industry.

Eric Linehan

Chief Operating Officer

Eric joined the company in 2020 and oversees the design of business strategies as well as project management, associated investment activity, and reinsurance treaty guidelines. Prior to joining Aspida Re, Eric held leadership roles at F&G Life, Capital One, and Fannie Mae.

Alana Rathbun

Chief Risk Officer

Alana joined the company in March 2020 and brings over 25 years of experience in actuarial and risk management functions. She currently oversees the risk management function for the company, including regulatory capital reporting.

Danish Iqbal

Chief Actuary

Danish has over 13 years of experience in the life (re)insurance industry working on pricing, valuation, risk, and ALM. Previously, he worked at Somerset Reinsurance, QRM, and Genworth Financial.

Our Board Members

Gregory Boyko

Andrew Cook

Former Chairman and Chief Executive Officer of Hartford Life International, Ltd.

Mr. Boyko currently serves as an independent Director of Nomura Americas Re LTD and Nomura Americas US Re LTD in Hamilton, Bermuda and a Senior Advisor to Lockton Capital Markets. In 2009, he retired from The Hartford Financial Services Group where he held a variety of positions including Chairman and CEO of Hartford Life International, LTD, the company’s international arm. Mr. Boyko drove The Hartford’s successful entry into the Japanese, Brazilian, and European Union markets. He served as President and CEO of HLIKK, the Japanese subsidiary of The Hartford and while in Japan authored a monthly article in the Nikkei newspaper and was an active member of the ACCJ and the US-Japan Business Council. In April 2020, Mr. Boyko was awarded the Order of the Rising Sun, Gold Rays with Neck Ribbon by the Japanese government for his work over the past 20+ years promoting the relationship between Japan and the United States as the Honorary Consul General since 2005 and his 10 years of work in Japan building an annuity business. Prior to his international roles, he served as CFO and Treasurer of Hartford Life Insurance Company. Mr. Boyko is a Certified Public Accountant (CPA), and a graduate of the University of Connecticut and the University of Connecticut School of Law.

Former Chief Executive Officer of GreyCastle Life Reinsurance

Mr. Cook was most recently the Chief Executive Officer of GreyCastle Life Reinsurance, a Bermuda based entity that participated in the life reinsurance run-off space, where he orchestrated its sale and integration into Monument Re. Mr. Cook has more than 30 years of financial and operational experience having started his career as a Chartered Accountant in Toronto. As the founding CFO of three startup reinsurance entities in Bermuda, he was responsible for all capital market activities including debt and equity financing, SEC reporting, investor relations and M&A. He has a proven track record of bringing private companies to the public markets having lead successful IPO’s at LaSalle Re, Axis Capital and Global Partner Acquisition Corp. While serving as the President and CFO of Harbor Point he structured its merger with Alterra Capital. Following the merger, he served as President of Alterra Bermuda prior to arranging its sale to the Markel Corporation.
David Reilly

Head of Ares Insurance Solutions

Mr. Reilly is a Head of Ares Insurance Solutions Group within Strategy and Relationship Management. Prior to his current role, Mr. Reilly served as Head of the Ares Business Development Group and Co-Head of Ares European Credit Group. Prior to joining Ares in 2011, he was Co-Managing Partner and Co-Founder of Indicus Advisors, a leading alternative asset management firm focused on European leveraged finance and global structured credit, which was acquired by Ares Management in 2011. Indicus was founded in 2006 and grew to over $2 billion of AUM, with offices in London and New York. Previously, Mr. Reilly was Co-Head of the European Structured Credit Group at J.P. Morgan. In addition, he worked at Goldman Sachs, where he focused on marketing and originating structured credit products and other alternative investments. Mr. Reilly began his career in the Investment Management Group and Tradable Credit Group at Aon Corporation in Chicago and London. Mr. Reilly holds a B.A. from Bowdoin College in Economics and History and an M.B.A. from the Northwestern University J.L. Kellogg Graduate School of Management. He is a member of the Young Presidents’ Organization (YPO) and actively supports several not-for-profit institutions.

Gregory Boyko

Former Chairman and Chief Executive Officer of Hartford Life International, Ltd.

Mr. Boyko currently serves as an independent Director of Nomura Americas Re LTD and Nomura Americas US Re LTD in Hamilton, Bermuda and a Senior Advisor to Lockton Capital Markets. In 2009, he retired from The Hartford Financial Services Group where he held a variety of positions including Chairman and CEO of Hartford Life International, LTD, the company’s international arm. Mr. Boyko drove The Hartford’s successful entry into the Japanese, Brazilian, and European Union markets. He served as President and CEO of HLIKK, the Japanese subsidiary of The Hartford and while in Japan authored a monthly article in the Nikkei newspaper and was an active member of the ACCJ and the US-Japan Business Council. In April 2020, Mr. Boyko was awarded the Order of the Rising Sun, Gold Rays with Neck Ribbon by the Japanese government for his work over the past 20+ years promoting the relationship between Japan and the United States as the Honorary Consul General since 2005 and his 10 years of work in Japan building an annuity business. Prior to his international roles, he served as CFO and Treasurer of Hartford Life Insurance Company. Mr. Boyko is a Certified Public Accountant (CPA), and a graduate of the University of Connecticut and the University of Connecticut School of Law.
Andrew Cook

Former Chief Executive Officer of GreyCastle Life Reinsurance

Mr. Cook was most recently the Chief Executive Officer of GreyCastle Life Reinsurance, a Bermuda based entity that participated in the life reinsurance run-off space, where he orchestrated its sale and integration into Monument Re. Mr. Cook has more than 30 years of financial and operational experience having started his career as a Chartered Accountant in Toronto. As the founding CFO of three startup reinsurance entities in Bermuda, he was responsible for all capital market activities including debt and equity financing, SEC reporting, investor relations and M&A. He has a proven track record of bringing private companies to the public markets having lead successful IPO’s at LaSalle Re, Axis Capital and Global Partner Acquisition Corp. While serving as the President and CFO of Harbor Point he structured its merger with Alterra Capital. Following the merger, he served as President of Alterra Bermuda prior to arranging its sale to the Markel Corporation.
David Reilly

Head of Ares Insurance Solutions

Mr. Reilly is a Head of Ares Insurance Solutions Group within Strategy and Relationship Management. Prior to his current role, Mr. Reilly served as Head of the Ares Business Development Group and Co-Head of Ares European Credit Group. Prior to joining Ares in 2011, he was Co-Managing Partner and Co-Founder of Indicus Advisors, a leading alternative asset management firm focused on European leveraged finance and global structured credit, which was acquired by Ares Management in 2011. Indicus was founded in 2006 and grew to over $2 billion of AUM, with offices in London and New York. Previously, Mr. Reilly was Co-Head of the European Structured Credit Group at J.P. Morgan. In addition, he worked at Goldman Sachs, where he focused on marketing and originating structured credit products and other alternative investments. Mr. Reilly began his career in the Investment Management Group and Tradable Credit Group at Aon Corporation in Chicago and London. Mr. Reilly holds a B.A. from Bowdoin College in Economics and History and an M.B.A. from the Northwestern University J.L. Kellogg Graduate School of Management. He is a member of the Young Presidents’ Organization (YPO) and actively supports several not-for-profit institutions.