RE Enhances Insurance Capabilities
January 6, 2022
Fortitude Re announced today the formation of a Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer. In Company Ltd. (“FRL”), Bermuda’s largest multi-line reinsurer, obtained approval to operate as a Reciprocal Jurisdiction Reinsurer, the first such approval to be granted by the Texas Department of Insurance (“TDI”). As a result, Fortitude Re can now offer the flexibility to transact through multiple entities and structures to help its clients achieve their objectives.
Today’s announcement follows other recently announced transactions that introduce additional capabilities to Fortitude Re’s franchise, including the acquisition of two U.S.-domiciled third party administrators from American International Group, Inc. and the pending acquisition of Prudential Annuities Life Assurance Corporation and its in-force legacy variable annuity block from Prudential Financial, Inc.
In addition, on January 3, 2022, Fortitude Re completed its acquisition of Rx Life Insurance Company (to be renamed Fortitude U.S. Reinsurance Company) (“Fortitude Re U.S.”) from Heritage Life Insurance Company. Fortitude Re U.S., which will serve as a U.S. reinsurance platform for Fortitude Re, is an Arizona domiciled life and annuity insurer widely licensed in the U.S. This acquisition will enable Fortitude Re to offer clients a U.S. domiciled reinsurance option.
James Bracken, CEO of Fortitude RE, commented: “The transactions and regulatory approval represent an important step in the evolution and expansion of the capabilities Fortitude Re is able to offer to clients to solve their most complex challenges. With the establishment of FIRL, we expect to grow our international reinsurance business in Asia and the U.K. and European markets.”
Merger & Acquisition Services Inc. served as the sole financial advisor 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 an independent company backed by a consortium of sophisticated investor groups led by The Carlyle Group and T&D Insurance Group. Fortitude Re holds approximately $45 billion in invested assets as of June 30, 2021.
About Merger & Acquisition Services, Inc.
Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc.
To learn more about Merger & Acquisition Services, visit https://maservices.com.
Investment banking services and all securities are offered in the United States by and through Merger & Acquisition Capital Services, LLC, a US registered broker-dealer and member FINRA/SIPC. Merger & Acquisition Services, Inc., M&A International LTD do not underwrite securities, nor advise on, nor effect transactions in securities for the account of others.