Fitch rates Fortitude Re holding company

Fitch Ratings has given Bermuda limited partnership FGH Parent a ‘BBB’ long-term issuer default rating (IDR). Established at the start of October, FGH is the ultimate group holding company of Fortitude Re, Bermuda’s largest multi-line reinsurer, and Fortitude Holdings.

“The assigned IDR is consistent with that of Fortitude Holdings, reflecting Fitch’s view that cashflows are fully fungible up to FGH Parent, LP,” it notes.

Fitch affirmed the ratings of Fortitude Re and Fortitude Holdings with a stable outlook in September.