Fortitude Re Announces $4B Annuity Transaction
FGH Parent, L.P. announced the signing and closing of a $4 billion reinsurance transaction.
A spokesperson said, “FGH Parent, L.P., [together with its subsidiaries, “Fortitude Re”], today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary Fortitude Reinsurance Company Ltd., Bermuda’s largest multiline reinsurer, and Taiyo Life Insurance Company [Taiyo Life], a wholly owned subsidiary of T&D Holdings, Inc [T&D]. This transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia.
“Under the transaction, which is effective as of March 31, 2022, Taiyo Life has reinsured a significant portion of its inforce individual annuity business to Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.”
“I am pleased to announce this significant transaction with our partner, Taiyo Life,” commented James Bracken, Chief Executive Officer of Fortitude Re. “This agreement represents a milestone in our international strategy to deliver tailored reinsurance solutions to clients around the globe. We are excited to deepen our partnership with T&D and broaden the markets we serve.”
Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re.
