The word from Latham & Watkins LLP, as they advise Ruby Re on their latest funding round;
Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, has announced that Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company, has successfully closed a second round of funding, raising a total of US$480 million in capital.
The second round includes capital commitments from AllianceBernstein L.P. (AB) (NYSE: AB), EnTrust Global, and Enstar Group, among others, with AB appointing a member to the Ruby Re Board of Directors. Combined with the initial investments from Golub Capital, Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda), and Sammons Financial Group, Ruby Re’s total capital raised of US$480 million is near the upper limit of the US$400 million-US$500 million target range for the vehicle.
Latham & Watkins LLP represented Reinsurance Group of America and Ruby Re in the transaction with a multidisciplinary deal team led by New York partner Gary Boss.
New York partner Kirsten Gaeta led on corporate matters, with assistance from New York counsel Alexander Traum. Advice was also provided on tax matters by New York partners Elena Romanova and Aaron Bernstein, with associate Jacob Nagelberg; on funds matters by Washington, D.C. partner Amy Rigdon, with associate Ali Beidoun; and on banking matters by Washington, D.C. partner Benjamin Berman, with associates Olivia Horbowy and Matt Bargamin.
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