Ascendant Re reports strong Q4’23 performance and positive outlook for 2024

Ascendant Re, a Cayman Islands-based annuity reinsurer, recently disclosed its financial performance for the fourth quarter of 2023, revealing a total net income of $6.7 million.

During Q4, the net book value per preferred share surged by 25.3% compared to the prior quarter, rising from $1,881 to $2,357.

Furthermore, its total assets witnessed an increase from $89 million in Q3 to $95.1 million in Q4.

In addition to this quarterly update, Ascendant Re provided its full-year results for 2023, with a total net income of $12.7 million. Notably, the Q4 net income constituted more than half of this annual figure.

Throughout 2023, the net book value of its preferred shares increased by 60%. Moreover, its total assets saw a substantial rise, escalating from $18.6 million at the end of 2022 to $95.1 million at the end of 2023.

Erik Fell, Managing Partner at Ascendant Re, expressed his satisfaction with these results: “I am extremely pleased with our results this year which marks our fourth year of operations. We have maintained our core strategy of traditional annuity reinsurance with a surplus digital asset investment strategy. Since inception we have achieved a 32.54% IRR, highlighting the strength of our strategy and management team.”

“We have always been a technology forward company and it has served us well. We are excited about our opportunity to continue to execute in this dynamic environment, in both digital assets and reinsurance,” Fell added.

Fell further emphasised that 2024 has begun on a positive note, expressing anticipation for the potential results it may bring.

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