Appleby’s role included forming the corporate structure, drafting and reviewing agreements, opinions, resolutions and advising on Bermuda law.
Brad Adderley, Bermuda Managing Partner, led the transaction with support from Partners Matthew Ebbs-Brewer, Sally Penrose, Hannah Tildesley, and Counsels Caljonah Smith and Lalita Vaswani.
Ivy II shareholders are expected to benefit from the 20-year history Global Atlantic has established operating in the reinsurance market, including its long-standing client relationships, its underwriting capabilities, and its asset-liability matching expertise. A subsidiary of KKR & Co. Inc. (together with its affiliates, “KKR”) will serve as investment manager for the assets backing Ivy II’s reinsured liabilities, similar to the role played by KKR with respect to Global Atlantic’s first reinsurance co-investment vehicle (“Ivy I”) and Global Atlantic’s assets. With KKR as a strategic partner to Global Atlantic and the Ivy entities, investors benefit from the investment expertise and scale KKR provides.
“This is a great time to bring additional capital to the industry, and we are thrilled that our strategic partnership with KKR has allowed us to broaden the group of investors in Global Atlantic and Ivy II. With access to Ivy II’s committed capital, we can do more to serve our reinsurance clients in a growing market,” said Phil Sherrill, Chief Strategy Officer for Global Atlantic.
“We are excited by Ivy II investors’ confidence in our reinsurance strategy and franchise,” said Manu Sareen, Co-President of Global Atlantic, and Head of the Institutional Business. “We see strong demand for reinsurance solutions, driven by industry-wide restructuring, an evolving macroeconomic environment, and lower availability of historical sources of capital for the industry. With Ivy II, we are better positioned to support our reinsurance clients’ needs and to meet our goal of being our clients’ reinsurer of choice.”
Brad Adderley said, “Congratulations to long-standing client Global Atlantic on their impressive capital raise. We are proud to have been involved in the establishment of Ivy I, and now Ivy II, which will provide vital capital and risk management solutions to life and annuity companies around the globe.”
Ivy II was established following the successful deployment of Ivy I, which was founded in 2020 with over $1 billion of capital.
Ivy II has a diverse investor base, including sovereign wealth funds, pensions, endowments, insurance companies, family offices, and high net worth individuals. The Global Atlantic balance sheet will commit capital alongside Ivy II in qualifying life and annuity reinsurance transactions, ensuring strong alignment between Global Atlantic and Ivy II shareholders.
