Fidelity National Financial Inc. and F&G, a leading provider of annuities and life insurance, announced that F&G has entered into a definitive agreement to sell F&G Reinsurance Ltd to Aspida Holdings Ltd., an indirect subsidiary of Ares Management Corp. F&G Re, a Bermuda-based subsidiary of F&G with approximately $2 billion in invested assets as of June 30, provides reinsurance solutions to third-party life and annuity companies. "We are pleased to announce the sale of F&G Re, our third-party offshore reinsurance platform," said Chris Blunt, president and CEO of F&G, which is based in Des Moines. "The transaction represents a terrific outcome for F&G Re, its clients and employees, and FNF shareholders. We look forward to our partnership with Aspida in this important transaction." Ares Management Corp., with headquarters in Los Angeles, is a global alternative investment manager operating three integrated businesses across credit, private equity and real estate. “This agreement is expected to be an opportunity to further propel growth for both Aspida Re and F&G,” Ares officials said in a release. The financial terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approval.