James Bracken, CEO, Fortitude Re
FGH Parent has closed a $4 billion reinsurance transaction between its subsidiary Fortitude Reinsurance - Bermuda’s largest multiline reinsurer - and Taiyo Life Insurance Company - a wholly owned subsidiary of T&D Holdings. The transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia.
Under the transaction, 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.
“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,” said Fortitude Re CEO James Bracken.
Sidley Austin and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re.
Fortitude Re, Taiyo Life, transaction, Bermuda, Asia