Fortitude Re Announces $4 billion Annuity Reinsurance Transaction
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, a wholly-owned subsidiary of T&D Holdings. This transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia. This transaction is effective as of March 31, 20,22. Taiyo Life has reinsuranced a substantial amount of its enforce individual andnuity businesses to Fortitude Re. Taiyo Life will continue servicing and administering the reinsured policies. “I am pleased to announce this significant transaction with our partner, Taiyo Life,” James Bracken is the Chief Executive Officer at 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.