FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary Fortitude Reinsurance Company Ltd., Bermuda’s largest multiline reinsurer, and Taiyo Life Insurance Company (“Taiyo Life”), a wholly owned subsidiary of T&D Holdings, Inc (“T&D”). This transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia.
Under the transaction, which is effective as of March 31, 2022, Taiyo Life has reinsured a significant portion of its inforce individual annuity business to Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.
“I am pleased to announce this significant transaction with our partner, Taiyo Life,” commented James Bracken, Chief Executive Officer of Fortitude Re. “This agreement represents a milestone in our international strategy to deliver tailored reinsurance solutions to clients around the globe. We are excited to deepen our partnership with T&D and broaden the markets we serve.”
Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re.
About Fortitude Re
The Fortitude Re Group includes Bermuda’s largest multi-line composite reinsurer, with unique competitive advantages and expertise to design bespoke transactional solutions for legacy Life & Annuity and P&C lines. Fortitude Re is backed by a consortium of sophisticated investor groups led by The Carlyle Group and T&D Insurance Group. Fortitude Re holds approximately $48 billion in invested assets as of December 31, 2021. For more information visit, www.fortitude-re.com. Follow Fortitude Re on LinkedIn.
About T&D Holdings
T&D Holdings is a publicly listed insurance holdings company of T&D Insurance Group, which is comprised of three core life insurers, Taiyo Life Insurance Company, Daido Life Insurance Company, and T&D Financial Life Insurance Company. Its headquarters is located in Tokyo, Japan. As of December 31, 2021, total assets of T&D Holdings were JPY 18,249 billion.
Lara Watson, email@example.com