Fortitude Re works with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines.
Our deep insurance experience and proprietary risk modeling capabilities allow us to structure bespoke transactions that benefit both insurance companies and their policyholders.
Fortitude Re takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group.
We have been in business since 2017, but our roots in the insurance industry — and the experience of our leadership — go back many decades.
Capital raise from existing investors, Carlyle and T&D, significantly strengthens Fortitude Re’s ability to pursue further growth and provide innovative solutions to the global insurance industry.
Major transaction demonstrates Fortitude Re’s expertise in delivering comprehensive and value enhancing solutions for clients.
Provides new long-term shareholder base, maintaining strong capital position for supporting reinsurance obligations.
Carlyle acquires 19.9% ownership interest in Fortitude Re. Provides Fortitude Re with unique access to Carlyle’s investment capabilities
Fortitude Re enters into a series of Life & Annuity and P&C reinsurance transactions with AIG and receives an initial capitalization of ~$3 BN. The transactions represent ~$37 BN of reserves supported by ~$40 BN of invested assets.
AIG forms a Bermuda domiciled composite reinsurer to reinsure its legacy insurance portfolio in a separate and distinct well capitalized balance sheet. Dedicated and highly experienced management team appointed.
Our strength is apparent in the experience and expertise of our leadership. With an average industry tenure of over 20 years, our team has an impressive track record of successfully managing the most complex legacy liabilities.
Giving back to the community and embracing diversity are at the heart of Fortitude Re's core values.
Fortitude Re took the CEO Action for Diversity & Inclusion pledge to advance diversity and inclusion within the workplace. The pledge is the largest CEO-driven business commitment, bringing together more than 2,000 CEOs who have signed on to cultivate environments where diverse experiences and perspectives are welcomed and where employees feel comfortable and encouraged to discuss diversity and inclusion.
In 2020, Fortitude Re made generous donations to a variety of registered non-profit organizations in Jersey City, Nashville and Bermuda, to advance racial and social equity in these cities and surrounding communities. In 2021, Fortitude Re employees took part in a companywide fitness challenge for charity, taking over 16 million steps along the way. Winners of the Challenge received prizes in the form of donation funds that were shared across family shelters and food banks in Nashville, New Jersey, New York and Bermuda as well as Save the Children US.
YourCause is a wonderful resource that allows Fortitude Re employees to seamlessly create meaningful connections with non-profits. Everyone is able to access YourCause to volunteer for, or donate to , an organization whose mission aligns with their values. And Fortitude Re established a matching program for employee contributions.
James Bracken is the Chief Executive Officer of Fortitude Re. Prior to joining Fortitude Re, James spent nearly 20 years in finance related positions in the insurance industry in both Europe and the United States. He most recently was the Chief Financial Officer of General Insurance at AIG. Before joining AIG, James spent eight years at General Electric where he held finance positions at Employers Reinsurance Corporation, GE Frankona and GE Capital in Kansas, Munich and Stamford. Prior to that, he worked for 10 years in the audit and business advisory practice of Arthur Andersen, both in the UK and Chicago.
James has served as member of the board of directors of various U.S., Canadian, European and Asian insurance companies. He is a graduate of Durham University, United Kingdom and is qualified as a chartered accountant in the UK.
In his spare time, James enjoys skiing and gardening with his four children.
Kai Talarek is the Chief Financial Officer at Fortitude Re. Prior to joining Fortitude Re, Kai spent more than 20 years in the financial services sector in the United States. He most recently was a partner in the insurance practice of management consultant Oliver Wyman in New York where he spent 14 years focusing on complex risk, finance and strategy issues for insurers. Before joining Oliver Wyman, Kai was a Vice President in the Treasury department of American Express, Vice President of Strategy at Zurich Re, and an engagement manager at Mitchell Madison Group in New York and San Francisco, CA.
Kai holds an MS in Mechanical Engineering from RWTH Aachen, Germany, and an MBA from UC Berkeley in California.
Kai is an avid pilot, and in his spare time he enjoys taking flight with and without engines on airplanes and gliders – as do both his daughter and son.
Jack McGregor is the Chief Property and Casualty Reinsurance Officer at Fortitude Re, where he both leads P&C business development and manages Fortitude Re’s in-force P&C portfolio. Jack has spent his entire 28 year career in property & casualty insurance and related fields, with the last 20 years dedicated to P&C legacy and run-off matters.
Jack joined AIG in 2012 as Head of Run-Off Transactions, where he managed all aspects of $7+ billion of gross multi-line legacy insurance liabilities and was closely involved in the establishment, and deconsolidation from AIG, of Fortitude Re. Prior to joining AIG, Jack was Associate General Counsel, Chief Underwriting Counsel and ultimately Head of Disengagement Transactions at Lumbermens Mutual Group (Kemper Insurance Companies), where he was responsible for analysis and resolution of a wide spectrum of legal, regulatory and operational issues related to the solvent run-off of an $11 billion, 11,000 employee, century-old insurance organization. Jack began his professional career as a trial litigator with a large Chicago-based law firm, specializing in insurance coverage, insurance bad faith and appellate work.
Jack holds B.S. and J.D. degrees, with distinctions, from the University of Illinois.
Jack is an avid music aficionado and vinyl record collector. When he’s not working, at a concert, or dabbling in improvement projects, he enjoys hiking the great outdoors with family and friends.
Charles Kasmer is the Chief Underwriting Officer, P&C Reinsurance at Fortitude Re where he is responsible for sourcing and pricing new non-US P&C run-off transactions for our newly established Fortitude International Re (“FIRL”) entity, assisting in the design and implementation of new products and structures, and expanding Fortitude Re’s P&C presence and capabilities in Bermuda, UK, the EU, and Asia.
Charles has more than 32 years of experience in the reinsurance and insurance industry, with extensive experience in the analysis and structuring of deals involving long tail lines of business, pricing, capital model building and reserving. He has held positions at Zurich Reinsurance Centre, Risk Capital Reinsurance Company, Aon, Employers Reinsurance Corporation, and Quanta Capital Holdings. Prior to Fortitude Re, Charles spent 13 years at Catalina Group, most recently as the Group Chief Actuary.
Charles holds a Bachelor’s degree in Mathematics from the University of Maine where he attended under an athletic scholarship to play football. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.
In his spare time, Charles enjoys cycling, boating, and spending time with his daughter.
Jeffrey Mauro is the Chief Investment Officer at Fortitude Re, responsible for the implementation of asset allocation and asset/ liability management strategies. Jeff previously served as head of the Cross Asset Initiatives team in the Asset Management Group at AIG, where he developed and implemented processes to facilitate asset allocation decisions for AIG’s investment portfolio.
In 2013, Jeff began his tenure at AIG in the Investments Business Strategy team where he worked to execute the divestiture of certain holdings that were deemed no longer core to AIG’s overall business. Prior to that, Jeff worked in Investment Banking, helping financial institutions to execute capital raising and M&A transactions at Macquarie Capital (USA) Inc. and FBR & Co.
Jeff earned his Bachelors of Science in Finance and Accounting from Georgetown University. Jeff is a Chartered Financial Analyst (CFA) Charterholder.
In his free time, Jeff enjoys playing golf, tennis and spending time with his puppy.
Sean Coyle is the Chief Operating Officer at Fortitude Re, and is responsible for the Operational, Information Technology, and Administration aspects of the Fortitude Re business. Sean brings approximately 20 years of operations and technology experience in the financial services industry, with deep knowledge in the insurance industry as both an operations and technology executive.
Prior to his role in Fortitude Re, Sean was the Global Head of Finance Operations and Reengineering at AIG, where he was tasked with defining and implementing the vision, strategy, and plan for the global finance target operating model with a key focus on the use of shared services. Sean was responsible for the creation and oversight of AIG’s global Finance Centers in India as well as regional Finance Centers in Eastern Europe and South America. In addition to operational responsibilities, his team delivered strategic transformation capabilities across finance, including the oversight and management of change programs, reengineering and process automation, robotics, operating model strategy and strategic project execution.
Prior to joining AIG in 2012, Sean was Senior Vice President of Global Operations & Reengineering at ACE Group (now Chubb), where he was a member of the operations leadership team with global responsibility for the strategy, vision and execution of the operations function. Prior to joining ACE Group in 2006, Sean was a Senior Manager with BearingPoint Inc. in the Financial Services practice and a Lead Application Developer and Architect with Proxicom, Inc.
Sean holds a bachelor’s degree in Computer Science from Florida State University.
In his spare time, Sean enjoys spending time with his wife and three children attending their various sporting events and activities. Sean is an avid supporter of all Philadelphia professional sports teams and enjoys playing golf, tennis, running, and acoustic guitar.
Amanda Stewart is the Chief Human Resources Officer at Fortitude Re. Amanda leads all aspects of organizational effectiveness and human capital management. She provides strategic business leadership by identifying and executing on the human capital needs of the business in partnership and collaboration with the CEO and executive team.
Amanda brings nearly 20 years of multi-national experience within human resources, working across Bermuda, Canada, United Kingdom, Australia, Switzerland and the United States. She most recently served as the Head of Global Talent Management and HR Projects for Renaissance Re, where she led talent management initiatives, global HR projects, and was a key member of the Company’s diversity, equity, and inclusion team. Prior to joining Renaissance Re, Amanda was Vice President, Human Resources at Tokio Millennium Re, AG, where she had oversight for group learning and development, performance management, and compensation.
Amanda holds the Canadian Human Resource Leader Designation (CHRL) and obtained her Bachelor of Arts degree in Psychology from the University of Western Ontario.
In her spare time, Amanda enjoys traveling and cooking with her family, following sports, and volunteering/giving back to the community.
Jeff Burman is Fortitude Re’s General Counsel, and is responsible for all of the Company’s legal, compliance and regulatory matters. Jeff brings more than 20 years of broad legal experience in the areas of insurance and reinsurance-related transactions, regulatory matters and dispute resolution. Prior to Fortitude Re, Jeff most recently served as Chief Reinsurance Legal Officer and Deputy General Counsel at AIG. At AIG, Jeff led the legal function for various groups, including Reinsurance; Multinational; Insurance Company Governance; as well as the Canada, Bermuda and Latin America regions.
Prior to joining AIG, Jeff practiced at two leading New York law firms where he represented insurers and reinsurers, investment banks and investors in (re)insurance transactions, including mergers and acquisitions, insurance-linked securitizations and reinsurance contract drafting and dispute resolution.
Jeff is a graduate of Rutgers University School of Law, where he was an editor on the Rutgers Law Journal, following which he served an appellate court clerkship in New Jersey. He is a member of the bars of New York and New Jersey.
In his spare time, Jeff enjoys spending time with his twin daughters and supporting Tottenham Hotspur.
Andrew Sooboodoo is the Chief Risk Officer at Fortitude Re where he is responsible for the oversight of all risks across the company. Andrew has more than 10 years of experience in the (re)insurance industry including pricing, capital and valuation across a broad range of products. Prior to his role at Fortitude Re, Andrew worked at Legal & General Reinsurance Company as the Chief Risk Officer, during an 11 year tenure in various positions across the group. He has worked in Bermuda, the United Kingdom and the United States.
Andrew is a Fellow of the Institute of Actuaries and holds a bachelor’s degree in Actuarial Science from the University of Southampton.
In this spare time, Andrew enjoys spending time with his three daughters and supporting Manchester United.