Fortitude Re Celebrates Office Expansion
Fortitude Re marked the official opening of their expanded and newly renovated office space with a cocktail reception attended by the Minister of Economy and Labour Jason Hayward and Senator Arianna Hodgson, Junior Minister for Labour, Finance and Health.
A spokesperson said, “Fortitude Re, first licensed in 2017, now employs 38 people in Bermuda, with plans for further additions in the coming months.
“To accommodate this rapid growth, the company has doubled its footprint at the company’s Chesney House, Pitts Bay Road headquarters and embarked on a $2m renovation project which has modernized the open plan workspace.
Brian Schreiber [Board of Directors Chairman], Minister Jason Hayward, and Alon Neches [CEO]
“The company, which recently announced a $28bn reinsurance transaction with Lincoln Financial Group, is one of Bermuda’s largest composite insurers and is backed by a consortium of investor groups led by The Carlyle Group and T&D Insurance Group.”
Speaking at the company’s reception, Brian Schreiber Chairman of the Fortitude Re Board of Directors commented: “We are delighted to welcome our distinguished guests, industry partners and community partners to our newly expanded and renovated office space.
“Fortitude Re has set ambitious growth targets and as demonstrated by our recently announced transaction with Lincoln Financial Group, we are making significant progress against those goals. This office space expansion will help us accommodate that growth and we intend to continue investing into the people and insurance market here in Bermuda.”
Alon Neches, Chief Executive Officer said: “The significant investment that we have made in our office and our people not only demonstrates the confidence we have in our growth agenda, but also our commitment to Bermuda, which has been our home since inception. We strongly believe in supporting our local communities through employment opportunities, corporate donations, scholarships and mentoring programs; in addition to our involvement with Bermuda International Long-Term Insurers and Reinsurers [BILTIR] and Association of Bermuda Insurers and Reinsurers [ABIR] initiatives.”
The spokesperson said, “The Minister congratulated Fortitude Re on the opening of their new office and was pleased to hear about their continued investment and expansion in Bermuda. The Government’s aim is to create business ecosystem that allows companies to thrive. It is clear that Bermuda’s value proposition continues to attract companies to the jurisdiction and supports their operational objectives. A key feature of the Government’s Economic Development Strategy is local and international business retention and expansion and Fortitude Re is a perfect example of the type of expansion activity the Government aims to facilitate.
“The event, which coincided with their quarterly board meetings, was attended by investors, directors, staff, industry partners and scholarship recipients. Representatives of charities supported by the company, including Keep Bermuda Beautiful and the Bermuda Education Network [BEN] were also in attendance.”
