Fortitude Re expands insurtech capabilities with Dayforward buy, Fortitude Life launch

Bermuda-based reinsurer Fortitude Re, led by CEO Alon Neches (pictured), has acquired insurtech Dayforward as it expands its capabilities across technology, distribution and policy administration.

The acquisition of Insurtech Dayforward was completed through a newly formed entity that will be renamed Fortitude Life, which includes Dayforward’s technology platform, distribution agreements, intellectual property, licensed insurance agency and employees. 

The deal excludes Dayforward’s insurance entities and legacy policies and liabilities.

Founded in 2020, Dayforward has developed an integrated platform supporting the full policy lifecycle, including agent onboarding, application processing, policy issuance, commission payments and in-force servicing.

The platform is designed to support annuity distribution partners. The newly formed Fortitude Life will operate as a subsidiary of Fortitude Re, with Dayforward’s team continuing to lead the business.

Fortitude Re said the acquisition forms part of its long-term strategy to build capabilities supporting clients across a broader range of insurance channels, combining Dayforward’s technology and distribution capabilities with its underwriting, asset-liability management and investment expertise.

Neches said: “The Dayforward team has built a set of technology capabilities that perfectly complement our underwriting, ALM and investment expertise. Partnering with Dayforward strengthens our ability to originate and manage business in new ways while preserving the disciplined approach that has guided Fortitude Re’s growth. We look forward to combining Dayforward’s entrepreneurial energy and digital capabilities with Fortitude Re’s capital strength and insurance expertise.”

Aaron Shapiro, CEO of Dayforward, said: “We founded Dayforward to modernise how annuities are issued, administered and delivered to consumers. Joining Fortitude Re gives us the capital foundation and institutional expertise to scale that vision at a pace we could not have achieved on our own. Fortitude Re’s approach to risk management and its long-term commitment to policyholders align closely with how we have built this business, and we look forward to building on that shared foundation together.”

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