FGH Parent has closed a $4 billion reinsurance transaction between its subsidiary Fortitude Re, a Bermudian legacy reinsurance company, and Taiyo Life Insurance Company (Taiyo Life), a wholly owned subsidiary of T&D Holdings.
This transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia.
Under the transaction, which is effective as of March 31, 2022, Taiyo Life has reinsured a significant portion of its inforce individual annuity business to Fortitude Re.
Taiyo Life will continue to service and administer the reinsured policies.
James Bracken, Chief Executive Officer of Fortitude Re commented: “I am pleased to announce this significant transaction with our partner, Taiyo Life.
“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.”
Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re.
