Ares Management Corporation and Aspida Announce the Closing of F&G Reinsurance Acquisition

Ares Management Corporation (“Ares”) (NYSE: ARES) and its indirect subsidiary Aspida Holdings Ltd. (“Aspida”) jointly announced today the completion of Aspida’s previously announced acquisition of F&G Reinsurance Ltd (the “Company”) from FGL Holdings (“F&G”), a subsidiary of Fidelity National Financial, Inc. (NYSE: FNF). As part of the transaction, Aspida will enter into a strategic flow reinsurance agreement with F&G related to certain annuity products. Terms of the all cash transaction were not disclosed.

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The Company, a Bermuda-domiciled life and annuity reinsurer with approximately $2 billion in invested assets as of September 30, 2020, will continue to operate as a reinsurance company in Bermuda under the Aspida brand (“Aspida Re”). Members of the Company’s management team will remain in place. Aspida Re intends to be a solutions provider to insurance partners that are looking to optimize their balance sheets and be best positioned for future growth.

Through Ares Insurance Solutions (“AIS”), Ares remains focused on enhancing its capabilities to originate and manage insurance assets to scale Aspida’s platform. This has included the recent appointment of Raj Krishnan, Partner and Chief Investment Officer of AIS, who will lead AIS’s asset management support for Aspida Re and its ceding insurers.

“With support from Ares and the AIS team, Aspida is poised to execute on its organic and inorganic growth strategy seeking to capitalize on the attractive and sizable annuity and retirement market,” said David Reilly, Partner and Head of Ares Insurance Solutions. “We are excited by the opportunity to partner with insurance companies to help them efficiently meet their capital needs through our reinsurance offerings.”

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate and Strategic Initiatives. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent, attractive investment returns for fund investors throughout market cycles. As of September 30, 2020, Ares Management's global platform had approximately $179 billion of assets under management with more than 1,400 employees operating across North America, Europe and Asia Pacific. For more information, please visit www.aresmgmt.com.

About Aspida

Aspida Holdings Ltd. (“Aspida”) is an indirect subsidiary of Ares Management Corporation, which was created to execute on Ares Insurance Solutions’ plans to issue insurance and reinsurance products for individuals and institutions seeking to fund their long-term financial needs. Aspida seeks to be a trusted partner focused on its customers’ financial security and success. Aspida Re, a wholly owned subsidiary of Aspida, operates in Bermuda and services reinsurance products on behalf of insurance company clients. For more information, please visit: www.aspida.com.

Forward-Looking Statements

Statements included herein contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. Forward-looking statements can be identified by the use of forward looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to the impact of the COVID-19 pandemic and the pandemic's impact on the U.S. and global economy, as well as those described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the control of Ares and could materially affect actual results, performance, or achievements. For a further description of such factors, you should read Ares’ filings with the Securities and Exchange Commission. Ares undertakes no duty to update any forward-looking statements made herein, whether as a result of new information, future developments or otherwise, except as required by law.

In addition to factors previously disclosed in Ares’ filings with the Securities and Exchange Commission, including those discussed under the heading “Risk Factors” in its most recently filed reports on Form 10-K and Form 10-Q, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the possibility that regulatory and other approvals and conditions to the transaction are not received or satisfied on a timely basis or at all, or contain unanticipated terms or conditions; the possibility that modifications to the terms of the transaction may be required in order to obtain or satisfy such approvals or conditions; delays in closing the transaction; difficulties, delays or unanticipated costs in integrating the Company’s operations; purchase price adjustments; unexpected costs resulting from the transaction, delays or other disruptions associated with the acquisition or integration of personnel or operations; changes in economic conditions; and regulatory conditions.

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