HAMILTON, BERMUDA – October 21, 2025 – FGH Parent, L.P., (“FGP” and together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, and global investment firm Carlyle (NASDAQ: CG) today announced the launch of reinsurance sidecar Fortitude Carlyle Asia Reinsurance Ltd. (“FCA Re”).

FCA Re is a Class E licensed Bermuda-domiciled reinsurer established to accelerate Fortitude Re’s growth in the Asian life and annuity market. FCA Re will initially assume a share of existing liabilities from Fortitude Re and will also reinsure a share of Fortitude Re’s future transactions in Asia.

FCA Re has more than $700 million in deployable capital, including equity and expected debt capacity. FCA Re has secured equity commitments from Fortitude Re, Carlyle, and a group of global institutional investors including T&D Insurance Group, AllianceBernstein, Shinhan Life, and National Pension Service of Korea (“NPS”), among others.

Fortitude Re will serve as insurance sponsor and Carlyle will serve as asset management sponsor to FCA Re. Once its capital is fully deployed, FCA Re is expected to add approximately $10 billion of fee-earning assets under management to Carlyle.

“Fortitude Re has already reinsured approximately $15 billion in reserves on behalf of clients in Asia and we are dedicated to making further investments in the region,” said Alon Neches, Chief Executive Officer of Fortitude Re. “FCA Re will help us continue delivering solutions that drive our clients’ strategies forward.”

Asia represents one of the most dynamic and attractive opportunities in global reinsurance today, driven by aging demographics and a growing need for insurers to rethink how they manage capital, risk, and long-duration liabilities.

“FCA Re is a natural extension of Carlyle’s strategy to deliver integrated asset, capital and liability solutions to insurance clients worldwide,” said Brian Schreiber, Partner at Carlyle and Head of Carlyle Insurance Solutions.

“Through FCA Re, we are further demonstrating that the most sophisticated insurance investors globally are choosing to access the Asian market by partnering with one of the world’s most accomplished reinsurers and one of the largest global investment firms. With Carlyle’s more than 25-year history and deep experience in Asia we are excited to continue to drive growth in the region.”
J.P. Morgan acted as financial advisor and Debevoise & Plimpton LLP acted as legal advisor to the sponsors and FCA Re.