Fortitude Re announced Jan. 6 they are forming a Bermuda multi-line reinsurer and acquiring a United States life insurer.
“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," said James Bracken, Fortitude Re CEO. "With the establishment of FIRL (Fortitude International Reinsurance Ltd.), we expect to grow our international reinsurance business in Asia, the United Kingdom and European markets.”
The move will allow the company to offer flexibility to support transactions through multiple entities and strategy models, according to a company press release.
“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.," the release stated.
Fortitude International Reinsurance Ltd. currently operates as a Class 4 and Class E reinsurer, licensed by the Bermuda Monetary Authority, according to the release.
Fortitude Re also recently completed the acquisition of Rx Life Insurance Company. Effective Jan. 1, the FRL authority received a Reciprocal Jurisdiction Reinsurer from the Texas Department of Insurance.