FGH Parent, L.P. (together with its subsidiaries, Fortitude Re), a global reinsurance company, has announced that Fortitude Life Insurance & Annuity Company (FLIAC) has completed its second funding agreement-backed notes (FABN) offering to institutional investors.
Fortitude Re entered the funding agreement-backed notes market in October 2025 with an inaugural $500 million issuance.
This recent issuance is scheduled to settle on 12th June 2026, with the notes to be issued by Fortitude Global Funding, an unaffiliated Delaware statutory trust, and backed by a funding agreement issued by FLIAC.
The issuer has priced a private offering of $500 million in aggregate principal amount of 5.50% notes due 12th June 2031.
The proceeds from the issuer will be used to purchase a funding agreement from FLIAC.
The notes carry ratings of A- from Fitch Ratings and A3 from Moody’s Ratings, consistent with FLIAC’s financial strength ratings.
Alan Stewart, Treasurer, Fortitude Re, said, “Our second FABN issuance reflects our continued engagement with fixed income investors and their confidence in Fortitude Re.
“Building on the success of our inaugural transaction, this offering further diversifies our funding sources, enhances financial flexibility, and supports our ability to deliver sustainable value for policyholders, clients, and stakeholders.”
