Ares-backed Aspida, an insurance firm, completed the acquisition of F&G Reinsurance, a Bermuda-domiciled life & annuity reinsurer, from FGL Holdings, annuities and life insurance company, from insurance providers Fidelity National Financial and FGL Holdings. Financial terms were not disclosed. “We remain committed to leveraging the expansive capabilities across the Ares and AIS platforms to support Aspida’s strategic objectives. With our market leading credit platform, we believe we are ideally suited to enable Aspida to consolidate market share in this strong growth sector,” Michael Arougheti, Ares CEO and President.