FGH Parent (FGP), along with subsidiary Fortitude Re and investment firm Carlyle, have introduced a new reinsurance sidecar, Fortitude Carlyle Asia Reinsurance (FCA Re).
A Class E-licensed Bermuda-domiciled reinsurer, FCA Re is expected to facilitate the penetration and development of Fortitude Re’s operations in the life and annuity insurance market across Asia.
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Initially, FCA Re will assume a portion of Fortitude Re’s current liabilities and will additionally provide reinsurance for a portion of Fortitude Re’s upcoming transactions in the Asian market.
Fortitude Re CEO Alon Neches said: “Fortitude Re has already reinsured approximately $15bn in reserves on behalf of clients in Asia and we are dedicated to making further investments in the region.
“FCA Re will help us continue delivering solutions that drive our clients’ strategies forward.”
FCA Re has a capital base exceeding $700m, which includes both equity and the expected debt capacity.
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By GlobalDataIt has obtained equity commitments from Fortitude Re, Carlyle and a consortium of international institutional investors. This group includes entities such as T&D Insurance Group, AllianceBernstein, Shinhan Life and the National Pension Service of Korea (NPS), among others.
Fortitude Re will function as the insurance sponsor, with Carlyle assuming responsibilities as the asset management sponsor.
Once FCA Re’s capital is completely deployed, it is anticipated to contribute around $10bn in fee-earning assets under management to Carlyle.
Carlyle Insurance Solutions head and partner at Carlyle Brian Schreiber stated: “FCA Re is a natural extension of Carlyle’s strategy to deliver integrated asset, capital and liability solutions to insurance clients worldwide.
“Through FCA Re, we are further demonstrating that the most sophisticated insurance investors globally are choosing to access the Asian market by partnering with one of the world’s most accomplished reinsurers and one of the largest global investment firms.”
In June, Carlyle invested $1.3bn in Trucordia, an insurance brokerage that was subsequently valued at $5.7bn.
Earlier this year, Fortitude Re closed a $4bn (Y598.58bn) reinsurance transaction with Taiyo Life Insurance, part of Japanese company T&D Holdings.
