FGH Parent has successfully closed a P&C loss portfolio transfer reinsurance transaction between Bermudian legacy reinsurance company Fortitude Re and a subsidiary of a major international insurance and reinsurance group.
Under the agreement, the cedant has purchased up to $410 million of aggregate reinsurance protection for a premium of $320 million.
Fortitude P&C Solutions, a Fortitude Re affiliate and a licensed third party claims administrator, is, under a separate services agreement, assuming the management of the subject liabilities.
James Bracken, Fortitude Re Chief Executive Officer commented: “We’re very pleased to have closed this important transaction with a valued counterparty and to be able to offer a compelling claims administration solution through our Fortitude P&C Solutions entity.
“It reinforces our ability to collaborate with counterparties in both the Life & Annuity and P&C market to develop exit strategy and finality solutions that further their business objectives.”
Last week Fortitude Re received positive credit ratings from AM Best, where the rating agency affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Fortitude Re, and also assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to Fortitude International Reinsurance.
