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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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AB Partners With Reinsurance Group to Boost Insurance Platform
AllianceBernstein L.P. (AB - Free Report) has entered into a partnership with Reinsurance Group of America, Incorporated (RGA - Free Report) to expand its insurance business.
Details of AB’s Collaboration
AB has been selected as one of the leading investors in Ruby Reinsurance Company (“Ruby Re”), a reinsurance sidecar vehicle sponsored by RGA. It focuses on the U.S. asset-intensive market. AB plans to manage private alternative assets for RGA’s general account through this transaction.
Per the agreement, AllianceBernstein will be appointing a member to Ruby Re’s board of directors.
Onur Erzan, head of Global Client Group and Bernstein Private Wealth, stated, “Our investment in Ruby Re affirms AB's continued expansion of our insurance platform and growth of our insurance investment management business. Through our partnership with RGA, AB will participate in the growing asset-intensive reinsurance market.”
This move aligns with AB’s growth strategy to enhance its capabilities and top-line growth. This April, the company unveiled Bernstein, a joint venture with Societe Generale (SCGLY - Free Report) . This move aims to redefine the landscape of global cash equities and equity research by capitalizing on a synergistic blend of AB's research acumen and SCGLY's extensive equities and derivatives expertise.
AllianceBernstein’s Zacks Rank & Price Performance
Year to date, shares of AB have gained 15.3% compared with the industry's growth of 38.8%.
Image Source: Zacks Investment Research
Currently, AB carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.