Fortitude Re Finalizes Annuity Deal with Taiyo Life
Fortitude Re has partnered with Japan’s Taiyo Life Insurance Company (Taiyo Life) to reinsure a major portion of its whole life annuity business.
Taiyo Life, a unit of T&D Holdings (T&D), has reinsured a significant part of its whole life annuity business with Fortitude Re subsidiary Fortitude International Reinsurance Company (FIRL), effective February 28th.
This transaction marks Fortitude Re’s second deal with Taiyo Life and its sixth in Japan.
Leonard Lin, head of Asia at Fortitude Re, commented, “We are honored that Taiyo Life continues to place their trust in us and we look forward to building on our successful partnership. This transaction further demonstrates our deep commitment to the Japan market and to helping our partners achieve their risk, capital and growth aspirations.”
Alon Neches, CEO of Fortitude Re, added, “The track record Fortitude Re has built in Japan underscores the power of the partnership between Fortitude Re and its shareholders.”
“T&D’s origins and extensive activities in Japan combined with Carlyle’s 25-year track record in the country and leading asset origination capabilities, have helped grow our business ensuring that our policyholders benefit from the compelling value proposition we have built. Together, we are delivering innovative solutions that provide long-term value for insurers in Japan and around the world.”
Carlyle Group and its fund investors own approximately 72% of Fortitude Re, while T&D Holdings owns 25%.
The Taiyo Life deal follows Fortitude Re’s reinsurance of $3.4 billion of long term care (LTC) reserves with a Unum Group subsidiary last month.
