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Fortitude Re’s first Asian deal is US$4bn annuity reinsurance transaction with Taiyo Life

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Fortitude Reinsurance, Bermuda’s largest multiline reinsurer, has signed and closed a $4bn reinsurance transaction between its subsidiary and Taiyo Life Insurance, a wholly-owned subsidiary of T&D Holdings.

This transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia, the reinsurer says in a statement.

Under the transaction, which became effective as of 31 March 2022, the date of the deal signing, Taiyo Life has reinsured a significant portion of its inforce individual annuity business with Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.

Mr James Bracken, CEO of Fortitude Re, said, “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.”

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The Fortitude Re Group includes Bermuda’s largest multi-line composite reinsurer, with 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 $48bn in invested assets as of 31 December 2021. FGH Parent, LP is a Bermuda limited partnership that was established on 1 October 2021 and is the ultimate group holding company of Fortitude Re and Fortitude Group 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, Daido Life Insurance, and T&D Financial Life Insurance. Its headquarters is located in Tokyo.

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