Ares Management Corporation Announces Expansion of its Insurance Platform Through the Launch of Aspida Financial
Summary
Headquartered in North Carolina with more than 170 employees, the Company has historically offered life insurance, annuities and reinsurance products and services. Upon closing of the transaction, Aspida will be backed by a strong team that intends to capitalize on retirement market trends and increasing demand for insurance products. “ We believe that success in this market is directly tied to prudent and differentiated asset management and we look forward to using our experienced team to drive value. We see tremendous growth potential for Aspida in primary fixed and fixed indexed annuity distribution, opportunistic reinsurance transactions and inorganic growth via acquisitions in the insurance sector.” Aspida’s acquisition of Pavonia Life Insurance Company of Michigan is expected to close before the end of 2019, subject to regulatory approval and other closing conditions. Aspida’s solutions will include annuity and life insurance products that, in today’s volatile world, help bring stability and more predictability to a financial strategy.