Fortitude Re P&C Reinsurance Transaction
FGH Parent L.P. announced the execution of a P&C loss portfolio transfer reinsurance agreement.
The company said, “-FGH Parent, L.P., the ultimate parent company of Bermuda’s largest multi-line reinsurer (together with its subsidiaries, “Fortitude Re”), announces the execution of a P&C loss portfolio transfer reinsurance agreement between Fortitude Reinsurance Company Ltd. (“FRL”) and JRG Reinsurance Company Ltd. (“JRG Re”), a subsidiary of publicly-traded James River Group Holdings Ltd. (NASDAQ: JRVR).
“Under the agreement, FRL is providing JRG Re with up to $400 million of aggregate reinsurance protection on certain segments of JRG Re’s casualty reinsurance portfolio for a premium of $335 million. Closing is contingent on receipt of regulatory non-disapproval and satisfaction of other customary conditions.
“We are very pleased to partner with JRG Re on crafting this transaction and to be able to quickly deliver a solution for the company,” commented James Bracken, Fortitude Re’s Chief Executive Officer.
