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Golub Capital Expands Strategic Partnership with RGA

December 07, 2023, 07:14 AM
Filed Under: Private Equity News

Golub Capital announced that it is one of the lead investors in Ruby Reinsurance Company (“Ruby Re”), a newly formed reinsurance sidecar vehicle sponsored by Reinsurance Group of America, Incorporated (“RGA”) that enhances RGA’s access to capital for their growing U.S. asset intensive business. RGA and Golub Capital have strategically partnered on a number of projects with over $1 billion invested or committed across multiple products. Deal terms were not disclosed.

Golub Capital has provided investment solutions to RGA since 2010 across an array of products. The transaction with RGA is a culmination of a valuable long-term partnership, a shared investment approach and a strategic growth opportunity for both firms. The lead investment in Ruby Re also marks Golub Capital’s inaugural insurance capital sidecar transaction.

“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,” said Gregory Robbins, Vice Chair of Golub Capital. “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,” said Leslie Barbi, Executive Vice President and Chief Investment Officer, RGA. “This investment is another example of our growing relationship, supporting creative insurance solutions.”

Wells Fargo Securities served as the exclusive financial advisor and Milliman, Inc. served as actuarial advisor to Golub Capital on the transaction. Additional terms are not being disclosed at this time.

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