Fortitude Re Completes Acquisition From AIG
Fortitude Group Holdings announced the acquisition of Fortitude Life & Annuity Solutions and Fortitude P&C Solutions from AIG.
A spokesperson said, “Fortitude Group Holdings, LLC, the parent company of Bermuda’s largest multi-line reinsurer [Fortitude Re], announced today the acquisition of Fortitude Life & Annuity Solutions, Inc. [FLAS], a licensed life and annuity TPA, and Fortitude P&C Solutions, Inc. [FPCS], a licensed Property and Casualty TPA, from AIG. These transactions are the final step in Fortitude Re’s acquisition of AIG’s legacy insurance operations.
“FLAS comprises 250 professionals based in Nashville and currently provides policyholder services for approximately four million life insurance policies issued by AIG, a portion of which are reinsured by Fortitude Re.
“FPCS comprises 50 professionals based in Jersey City and currently oversees approximately 5,000 complex casualty claims on policies issued by AIG and reinsured by Fortitude Re.
“The completion of the FLAS acquisition provides Fortitude Re with a highly cost-effective, experienced and scalable administration platform for runoff life and annuity insurance blocks, allowing Fortitude Re to offer additional transactional flexibility and structural solutions for its counterparties. The FPCS acquisition allows Fortitude Re to provide proactive casualty claim management services for many employee injury, legacy environmental, and complex casualty programs.”
“Through our scaled life administration platform, we are well positioned to provide a variety of operating models to our life and annuity insurer clients as they seek to manage their runoff portfolios. Our P&C claims team are experts in complex casualty claims and their deep experience can deliver real value and confidence to Fortitude Re’s clients,” said James Bracken, Fortitude Re CEO.
