Strategic capital supports Axonic Insurance’s continued annuity product innovation and global distribution expansion

Axonic Insurance, a global annuity and insurance platform, today announced a $210 million preferred equity investment led by LuminArx Capital Management ("LuminArx"), a global capital solutions provider, with participation from Deutsche Bank.

Axonic Insurance is an innovative insurance platform that designs, distributes, issues, and manages annuity and related product offerings for individual consumers and institutions worldwide. Launched in 2024, Axonic Insurance is a wholly owned subsidiary of Axonic Capital, an investment management firm with $7 billion in assets under management specializing in structured credit and commercial and residential real estate debt and equity.

The investment from LuminArx and Deutsche Bank will support Axonic Insurance’s continued growth across retail and institutional distribution channels while also enabling it to further accelerate technology development and enhance product servicing capabilities.

Clayton DeGiacinto, Managing Partner and Co-Chief Investment Officer at Axonic Capital, said, “Axonic Insurance manufactures and distributes competitive annuity products supported by the high-quality cash flows and differentiated return streams available in structured credit markets where Axonic has especially deep expertise. We’re grateful to LuminArx and Deutsche Bank for their partnership and shared conviction in advancing that goal as Axonic Insurance enters its next phase of disciplined, scalable growth.”

Michael Gordon, CEO of Axonic Insurance, said, “Axonic Insurance manufactures and distributes annuities and related insurance products for consumers and institutions. Today’s transaction marks a significant milestone in the evolution of our company. In the past year, we have seen rapid growth of annuity sales, and that is a direct result of the efforts of our highly qualified, experienced, and committed team and distribution partners. We greatly appreciate LuminArx’s ability to engage rapidly and thoughtfully in support of our growth strategy. Their team understood our priorities from the outset and provided a capital solution tailored to our needs. As we enter this next stage of growth, I am grateful to have such uniquely capable capital partners, LuminArx and Deutsche Bank, who are fully aligned with our vision.”

Sanjeev Mordani, Partner at LuminArx, added, “We are excited to support Axonic Insurance in this next phase of growth as it builds on recent momentum. From our earliest conversations, the Axonic Insurance team demonstrated a clear strategic vision, a disciplined and creative approach to business development, and deep understanding of their end markets. The innovative, scalable platform Clay and Michael have built embodies the core qualities we look for when backing an insurance platform, and we look forward to partnering with them.”

Philippe Kremer, Head of FIG Structuring & Solutions at Deutsche Bank, added, “Axonic Insurance has significantly expanded its footprint in the FA and FIA space and achieved impressive growth in a short period of time. The experienced leadership team has managed to differentiate itself through its innovative setup and efficient operations.”

Stephen Wollman, Head of North American FIC Structuring at Deutsche Bank, added, “We are excited to be a part of the next chapter of Axonic Insurance and are pleased to bring together two of our clients - Axonic Capital and LuminArx - in one transaction.”

Deutsche Bank Securities Inc. (“DBSI”) acted as the sole structuring and placement agent for this transaction on behalf of Axonic Insurance and an affiliate of DBSI participated in the capital raise. The transaction was led by Deutsche Bank’s FIG Structuring & Solutions team which structures and arranges bespoke capital and financing transactions for its global FIG client base.

Latham and Watkins served as legal counsel to Axonic Insurance. Willkie Farr & Gallagher LLP served as legal counsel to Deutsche Bank and LuminArx. Debevoise & Plimpton LLP acted as legal counsel to LuminArx.

About Axonic Insurance

Axonic Insurance - led by Michael Gordon CEO, Robert Painter CFO, and a highly experienced management team – designs, distributes, and services annuity and investment plans for consumers worldwide.

Axonic Insurance refers to a group of affiliated legal entities organized under Axonic Insurance Holdings Inc. of Delaware that collectively specialize in designing, distributing, and servicing annuity and other investment products for individuals and institutions worldwide. Axonic Insurance Services LLC (“Axonic”), an insurance producer licensed in all fifty states and the District of Columbia, acts as a business process outsourcer, including for the US-issued annuities underwritten by the non-affiliated AmFirst Life Insurance Company, an Oklahoma domiciled life insurance company (“AmFirst”). AmFirst Insurance Company operates as AmFirst Life Insurance Company in California. Axonic Services LLC, a Puerto Rico limited liability company for profit, services the non US-issued annuities underwritten by its affiliated underwriter, Axonic Insurance Company SPC, a Class B(iii) insurer in the Cayman Islands licensed under the Cayman Islands Insurance Act, 2010 (as amended), as well as the non-affiliated AmFirst Life Insurance Company I.I., a corporation licensed as a Class 5 International Insurer and Segregated Assets Plan Company under Chapter 61 of the Insurance Code of Puerto Rico (“ALIC”). Axonic has ownership interests in segregated accounts of ALIC, which provide reinsurance coverage to AmFirst and other third-party insurers. Axonic Annuity and Life Insurance Company, a Texas domiciled life insurance company is an affiliate of Axonic.

For more information visit https://www.axonicinsurance.com/.

About Axonic Capital

Founded in 2010, Axonic Capital is a New York-based alternative investment manager with $7 billion in assets under management. The firm has deep expertise in structured credit, commercial and residential real estate debt and equity, and systematic fixed income. Axonic’s flexible capital base includes private limited partnerships, separate accounts, insurance company mandates, and publicly listed fund structures. For additional information, visit axoniccap.com.

About LuminArx Capital Management

LuminArx Capital Management is a global alternative investment manager focused on providing innovative, flexible, and strategic capital solutions. The Firm targets consistent returns across market environments, prioritizing downside protection, retaining upside participation, and maintaining minimal correlation with traditional markets. LuminArx leverages a diverse ecosystem of relationships across banks, corporations, governments, and insurance companies, and partners with leading institutional investors across the globe.

About Deutsche Bank

Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network. Deutsche Bank’s FIG Structuring & Solutions business structures and arranges bespoke capital and financing transactions for its global FIG client base.

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