Our History

2016

Origins of Our In-Force Legacy Business

– AIG creates “Legacy” portfolio as a separate non-core segment
– Legacy portfolio represents insurance reserves associated with discontinued lines of commercial property & casualty and life insurance businesses

Formation of Fortitude Re

– AIG forms a Bermuda domiciled composite reinsurer, now known as Fortitude Re to house the Legacy portfolio in a separate and distinct well capitalized balance sheet
– Dedicated management team appointed

2017
2018

Reinsurance Transactions with AIG

– Fortitude Re enters into a series of Life & Annuity and Property & Casualty 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

Long-Term Strategic Partnership with The Carlyle Group

– Carlyle acquires 19.9% ownership interest in Fortitude Re
– Provides Fortitude Re with unique access to Carlyle’s investment capabilities

2018
2019

The Carlyle Group and T&D Announce Acquisition of Majority Interest from AIG

– Provides new long-term shareholder base, maintains strong capital position for supporting reinsurance obligations
– Continued focus on providing competitive reinsurance and run-off management solutions to the global insurance industry
– Transaction subject to required regulatory approvals and customary closing conditions