Aspida Life Re Ltd. ("Aspida Re"), a reinsurance company and subsidiary of Aspida Holdings Ltd. (together with its subsidiaries, "Aspida"), today announced that Jon Steffen has joined Aspida Re as President.

As previously announced, Aspida Re was launched in December 2020 following the acquisition of F&G Reinsurance Ltd. by Aspida, which is backed by Ares Management Corporation. Based in Hamilton, Bermuda, Aspida Re provides solutions to insurance partners that are looking to optimize their balance sheets and best position their businesses for future growth.

Bringing to the team a decade of Bermuda life reinsurance experience, Mr. Steffen will be focused on leading Aspida's reinsurance company, including enhancing Aspida Re's capital and risk management solutions offerings to our various clients. Prior to joining Aspida Re, Mr. Steffen most recently served as the Approved Actuary for Athene Life Re Ltd. from January 2015 to June 2021. He also held prior leadership positions at ACE Group (now known as Chubb Limited).

"We are very pleased to add a professional of Jon's caliber to the Aspida Re team and further enhance Aspida Re's ability to meet its client's needs," said Lou Hensley, Chief Executive Officer and President of Aspida. "Jon's extensive actuarial background combined with a demonstrated record of delivering customized reinsurance solutions is expected to help propel Aspida Re forward as it seeks to scale its platform and strengthen its offerings to existing and new reinsurance clients."

"I am excited to join Aspida Re, which I believe is well-positioned as a differentiated insurance solution provider that helps clients meet their capital needs while managing risk," said Mr. Steffen. "In addition to its strong leadership team, Aspida Re benefits from the support of Ares and the experience of Ares Insurance Solutions' team. With this solid foundation, I look forward to working with the team as we continue to deliver for our clients and position the company for the long-term."

About Aspida Re

Aspida Life Re Ltd. ("Aspida Re") (formerly F&G Reinsurance Ltd) is a Class E licensed company based in Bermuda that provides annuity and life insurance companies with tailored risk management solutions. Our experienced team of reinsurance professionals works to optimize each reinsurance transaction to maximize the benefits for our clients. The customized reinsurance solutions that we offer help our partners efficiently meet their capital needs while seeking to improve long-term financial results and manage the growth of new business. Aspida Re is a subsidiary of Aspida Holdings Ltd. For more information, please visit: www.aspidare.bm.

About Aspida

Aspida Holdings Ltd. ("Aspida") is an indirect subsidiary of Ares Management Corporation and 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 employs a talented team of experienced insurance professionals who leverage innovation and technological advancement to drive change. Its cutting-edge platform is geared at providing insurance solutions with speed and simplicity, creating elegant digital experiences. With $2.3 billion in assets under management, as of March 31, 2021, and supported by a team of over 100 insurance industry professionals, Aspida seeks to be a trusted partner focused on its clients' financial security and success. For more information, please visit: www.aspida.com.

About Ares Management Corporation

Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2021, including the acquisition of Landmark Partners, which closed June 2, 2021, and the acquisition of Black Creek Group, which closed July 1, 2021, Ares Management's global platform had approximately $239 billion of assets under management with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.

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