T. Rowe Price has and its alternative credit subsidiary Oak Hill Advisors (OHA) have partnered with life insurance and annuity firm Aspida Holdings in a deal which will see the two firms manage some Aspida assets.
The strategic partnership aims to support the growth of their respective businesses. The three firms will explore product development and other growth initiatives, while T. Rowe Price and OHA are expected to manage some of Aspida’s public and private assets.
T. Rowe Price is an existing equity investor in Aspida, and has previously taken a minority interest to support the long-term growth of the business.
“We are excited about the potential of this strategic partnership with Aspida and its implications for our broader growth in insurance,” said Rob Sharps, chair, chief executive and president of T. Rowe Price.
“The partnership highlights our continued commitment to the expansion of our insurance business and to delivering innovative investment opportunities for our clients with our customary high-touch service.
“We look forward to the opportunity to develop tailored solutions with Aspida and other insurance partners over time.”
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Aspida was launched in 2020 and provides retirement and reinsurance solutions to its annuity and institutional clients. It has more than $19bn in total assets. It is backed by the Ares Insurance Solutions (AIS) business as its dedicated investment management, capital solutions and corporate development partner.
AIS recently announced the raise of over $3bn of total capital, including equity commitments from third parties, Ares, and its affiliates as well as credit facilities, to support the long-term growth of Aspida.
“We believe Aspida is a world class platform and that, together with T. Rowe Price and OHA’s complementary asset origination and investment capabilities, it will be even better positioned for success,” said Bill Bohnsack, president and senior partner of OHA.
“We look forward to working closely with the Aspida and AIS teams in the years ahead to help drive Aspida’s growth and deliver greater financial security for its policyholders.”
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“This announcement marks another significant step in our commitment to delivering exceptional financial security and service to our clients,” said Lou Hensley, chief executive and president of Aspida.
“The deep investment and retirement market experience brought by T. Rowe Price and OHA, combined with the continued support of Ares, position us to develop even stronger, more innovative solutions, tailored to the needs of those we serve.”
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