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.
