Fortitude closes $28bn Lincoln deal
Fortitude Reinsurance Company has completed its $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, the Bermuda-based re/insurer said.
In a statement, Fortitude said: “Consistent with the agreement announced May 2, 2023, Lincoln will reinsure a significant portion of its universal life insurance and fixed annuity business to Fortitude Re.
“To ensure a consistent experience for customers, Lincoln will continue to service and administer the reinsured policies.”
When the deal was announced in May, Alon Neches, CEO of Fortitude Re said: “With today’s announcement, Fortitude Re has again demonstrated why we are the preferred choice for insurers who seek solutions instead of transactions and who want to work with partners instead of counterparties.
“We are grateful for the trust that Lincoln has put in Fortitude Re and to the teams at both firms who have collaborated intensively and worked tirelessly to reach this milestone.”
Brian Schreiber, chairman of the Fortitude Re Board of Directors, added: “This agreement is a great example of how Fortitude Re leverages its strong balance sheet, asset origination capabilities and deep insurance expertise to deliver value-enhancing solutions to our clients.”
Debevoise & Plimpton LLP served as legal counsel to Fortitude Re.
