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Life Health > Annuities > Fixed Annuities

Ascendant to Test Investor Appetite for Annuity Assets

By Allison Bell

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A reinsurer based in the Cayman Islands hopes to get more capital it can use to back issuers of fixed annuities.

Ascendant Capital has hired American Elm Distribution Partners to help its raise money for annuity reinsurance deals by selling preferred shares through a private offering, American Elm announced Monday.

The companies did not say how big the offering will be or how much Ascendant intends to raise.

What It Means

If Ascendant succeeds at selling shares, that may be a sign that the annuity market now has enough heat to melt the ice that has been getting in the way of some other deals since a flurry of bank failures began in March.

The Companies

Ascendant Capital is a 5-year-old company based in George Town, Grand Cayman.

The Cayman Islands Monetary Authority describes it as being managed by an affiliate of Aon.

The firm’s managing partner is Erik Fell. From 2009 through 2017, he worked for PricewaterhouseCoopers. He later was a finance executive at Civitas Capital Group in Dallas before joining Ascendant as a partner in 2019.

The company reinsurers multi-year guaranteed annuities and non-variable indexed annuities issued by U.S. life insurers.

American Elm is a Portsmouth, New Hampshire-based company that serves as a managing broker-dealer and helps companies raise capital from family offices and RIAs.

Pictured: George Town, Grand Cayman. Credit: Ramunas Bruza Shutterstock

Allison Bell

Think_Allison

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