Investor Alert

New York Markets Open in:

press release

March 3, 2022, 9:43 a.m. EST

Fortitude Re Enters Into P&C Reinsurance Transaction

HAMILTON, Bermuda, (BUSINESS WIRE) -- FGH Parent, L.P., the ultimate parent company of Bermuda’s largest multi-line reinsurer (together with its subsidiaries, “Fortitude Re”), announces the execution of a P&C loss portfolio transfer reinsurance agreement between Fortitude Reinsurance Company Ltd. (“FRL”) and JRG Reinsurance Company Ltd. (“JRG Re”), a subsidiary of publicly-traded James River Group Holdings Ltd. /zigman2/quotes/202205552/composite JRVR +1.66% .

Under the agreement, FRL is providing JRG Re with up to $400 million of aggregate reinsurance protection on certain segments of JRG Re’s casualty reinsurance portfolio for a premium of $335 million. Closing is contingent on receipt of regulatory non-disapproval and satisfaction of other customary conditions.

“We are very pleased to partner with JRG Re on crafting this transaction and to be able to quickly deliver a solution for the company,” commented James Bracken, Fortitude Re’s Chief Executive Officer.

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 $48 billion in invested assets as of December 31, 2021. For more information, visit www.fortitude-re.com . Follow Fortitude Re on LinkedIn .

View source version on businesswire.com: https://www.businesswire.com/news/home/20220303005703/en/

SOURCE: Fortitude Re

Lara Watson, lara.watson@fortitude-re.com


Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

Copyright Business Wire 2022

US : U.S.: Nasdaq
$ 26.41
+0.43 +1.66%
Volume: 136,617
Aug. 15, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$972.96 million
Rev. per Employee


Partner Center

Link to MarketWatch's Slice.