Fortitude Re strikes $4bn Asia reinsurance deal
Bermuda-based multi-line reinsurer Fortitude Re has unveiled a $4 billion annuity reinsurance transaction with Taiyo Life Insurance Company - its first such deal in Asia.
Under the deal, effective as of March 31, 2022, Taiyo Life, a wholly owned subsidiary of T&D Holdings, 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.
The transaction marks Fortitude Re’s inaugural reinsurance transaction covering business in Asia.
“I am pleased to announce this significant transaction with our partner, Taiyo Life,” said James Bracken (pictured), 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.”
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