Reinsurance News
Fortitude Re
Fortitude Re to optimise insurance policy servicing operations with IBM partnership
24th August 2023
Fortitude Re and IBM have entered into a $450 million agreement to collaborate on growth opportunities and transform the reinsurer’s life insurance policy servicing operations with the implementation of AI technology and other automation tools. According to the announcement, both firms have entered into a 10-year collaboration for administration of over ... Read the full article
Fortitude Re appoints new Chief Risk Officer and Chief Regulatory Officer
23rd August 2023
Fortitude Re has announced the appointment of Ming Zhang as Chief Risk Officer and Andrew Sooboodoo as Chief Regulatory Officer, effective immediately. Zhang will also join Fortitude Re’s Executive Committee and report to Chief Executive Officer Alon Neches. His remit in the role will be leading the company’s corporate risk management ... Read the full article
Fortitude Re opens Tokyo Representative office
12th May 2023
Fortitude Re has expanded its presence in Japan with the opening of its Tokyo Representative Office, and has appointed Hajime Kawafuji as its Chief Representative. Kawafuji is an experienced leader within the Japanese business community. He brings a broad range of investing and advisory experience towards his new role. He joins Fortitude ... Read the full article
Fortitude Re and Lincoln Financial sign $28bn life & annuity reinsurance agreement
3rd May 2023
Global multi-line reinsurer Fortitude Re has entered into an agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation and its affiliates, under which Lincoln will cede approximately $28 billion of in-force universal life insurance and fixed annuity business to Fortitude Re. Specifically, the risk transfer transaction ... Read the full article
Fitch views RGA’s market position ‘favourably’
11th April 2023
Fitch Ratings views the Reinsurance Group of America’s (RGA) entrenched market position and long track record in the global reinsurance market "favourably". This news follows Fitch's outlook revision for RGA to positive from stable. Fitch said that this outlook revision reflects RGA’s business profile improvement as the largest provider of ... Read the full article
Fortitude Re continues growth with two reinsurance transactions in Japan
3rd April 2023
Fortitude Re has announced the closing of two reinsurance transactions with leading Japanese life insurance companies. Both block reinsurance deals, executed through one of Fortitude Re’s Bermuda-based subsidiaries, Fortitude International Reinsurance Limited, are comprised of whole life insurance policies. The cedants will continue to service and administer the reinsured policies. Sidley Austin LLP ... Read the full article
Fortitude Re adds Denise Nichols as Chief Human Resources Officer
2nd November 2022
Global multi-line reinsurer Fortitude Re has announced that Denise Nichols has joined the company as Chief Human Resources Officer, effective November 1, 2022. Nichols is a human resources leader with more than 30 years of insurance industry experience. Most recently, she served as the Chief Human Resources Officer for Voya Health and ... Read the full article
Fortitude Re expands Japanese franchise with flow reinsurance transaction
7th October 2022
Fortitude Re has announced the signing of a flow reinsurance transaction with a leading Japanese life insurance company. Fortitude Re executed this transaction through its Bermuda-based subsidiary, Fortitude International Reinsurance Limited. Sidley Austin LLP and Mori Hamada & Matsumoto served the company as legal counsel. Alon Neches, CEO of Fortitude Re, commented, “We ... Read the full article
Alon Neches succeeds James Bracken as CEO of Fortitude Re
30th September 2022
Alon Neches has been appointed President and Chief Executive Officer (CEO) by Fortitude Re’s Board of Directors, taking over from James Bracken who is stepping down to pursue other opportunities. Fortitude Re was successfully carved out of American International Group, Inc. (AIG) under Bracken’s leadership. James Bracken added: “I am proud of ... Read the full article
Fortitude Re completes purchase of traditional variable annuities from Prudential
4th April 2022
Fortitude Re has completed its purchase of $31bn of traditional variable annuities from Prudential Financial. The agreement, originally announced in September last year, will see Fortitude Re acquire Prudential Annuities Life Assurance Corporation (PALAC) and rename it Fortitude Life Insurance & Annuity Company. Included in the sale is approximately $31bn of ... Read the full article
Fortitude Re closes $4bn transaction with Taiyo Life
31st March 2022
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 ... Read the full article
Fortitude Re gets investment boost from owners, strikes advisory deal
31st March 2022
Fortitude Re is set to receive a capital contribution of $525 million from its minority shareholder, T&D Holdings, while also having struck a new advisory agreement with its largest shareholder, Carlyle Group. T&D and Carlyle, which own 25.0% and 71.5% of Fortitude Re, respectively, acquired their interests in the reinsurer ... Read the full article
Fortitude Re closes P&C Reinsurance Transaction
15th March 2022
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 ... Read the full article
AM Best assigns positive credit ratings to Fortitude Re
11th March 2022
Rating agency AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Fortitude Reinsurance Company, and also assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to Fortitude International Reinsurance Ltd. (FIRL). The ... Read the full article
James River & Fortitude Re enter into $335m LPT retro agreement
1st March 2022
JRG Reinsurance Company Ltd. (JRG Re), a primary operating subsidiary of James River Group Holdings, Ltd., has entered into a $335 million loss portfolio transfer retrocession agreement with Fortitude Reinsurance Company Ltd. Under the terms of the agreement, Fortitude Re will reinsure the majority of the reserves from the firm's casualty ... Read the full article
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