Fortitude Re reinsures JRG Re casualty liabilities

FGH Parent has completed a P&C loss portfolio transfer reinsurance agreement between its subsidiary Fortitude Re and JRG Reinsurance Company, owned by James River Group.

Under the agreement, Fortitude Re, Bermuda’s largest multi-line reinsurer, will provide JRG Re with up to $400m of aggregate reinsurance protection on segments of its casualty reinsurance portfolio for a premium of $335m.

The deal is contingent on regulatory and other customary conditions.

“We are very pleased to partner with JRG Re on crafting this transaction and to be able to quickly deliver a solution for the company,” said James Bracken, Fortitude Re’s chief executive officer.