Fortitude Re moves into the Asian market
Fortitude Re has announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary, Bermudian-based Fortitude Reinsurance Company Ltd, and Taiyo Life Insurance Company, a wholly owned subsidiary of Tokyo-headquartered T&D Holdings Inc.
This transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia.
Under the transaction, which is effective today, Taiyo Life has reinsured a significant portion of its in-force 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,” said 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.”
Fortitude Re is backed by a consortium of investor groups led by The Carlyle Group and T&D Insurance Group.
T&D Holdings is a publicly listed insurance holdings company of T&D Insurance Group, which is comprised of three core life insurers — Taiyo Life Insurance Company, Daido Life Insurance Company and T&D Financial Life Insurance Company.