Fortitude Re
Fortitude Re is a Bermuda-domiciled composite reinsurer executing bespoke block reinsurance transactions across Life & Annuity and P&C lines, managing over $100 billion in reserves for global insurance company cedants seeking capital release and legacy liability solutions.
- Company typePrivate
- Founded2017
- HeadquartersJersey City, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Fortitude Re does
Fortitude Re is a Bermuda-domiciled composite reinsurer founded in 2017 that provides bespoke transactional solutions to insurance companies seeking capital release, balance sheet optimization, and legacy block management. The company executes large-scale block reinsurance transactions spanning Life & Annuity (variable annuities, universal life, fixed annuities, whole life) and Property & Casualty lines, with 14 completed transactions accumulating more than $100 billion in reserves since its independence in 2020. Its product suite includes block acquisition reinsurance (deals ranging from $1B to $31B), flow reinsurance for ongoing cedant relationships, and specialized solutions for longevity, mortality, morbidity, equity market risk, and long-duration spread risk, complemented by Funding Agreement Backed Notes (FABN) for institutional capital raising.
Fortitude Re operates a direct, relationship-driven distribution model targeting insurance company executives and boards, supported by strategic partnerships with The Carlyle Group (controlling shareholder) and T&D Insurance Group, which together provide asset origination, private credit access, and deep Japanese market relationships. The company is headquartered in Bermuda with offices in Jersey City, Brentwood/Nashville, and a Tokyo Representative Office, and employs 550+ professionals with an average industry tenure exceeding 20 years. Revenue is generated through reinsurance premiums, investment income on reserves under management (approximately $76 billion in net invested assets as of March 2026), and asset management fees via the FCA Re sidecar partnership with Carlyle. The company carries A3 IFS ratings from Moody's and was upgraded to A- by Fitch in 2026, and its operations are structured through subsidiaries including Fortitude Reinsurance Company Ltd., Fortitude International Reinsurance Company Ltd. (FIRL), and Fortitude Life Insurance & Annuity Company (FLIAC).
Fortitude Re firmographics
Firmographics- Name
- Fortitude Re
- Legal name
- Fortitude Reinsurance Company Ltd.
- Website
- https://fortitude-re.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Fortitude Re is a Bermuda-domiciled composite reinsurer executing bespoke block reinsurance transactions across Life & Annuity and P&C lines, managing over $100 billion in reserves for global insurance company cedants seeking capital release and legacy liability solutions.
- Ownership category
- akta.pro rank
Fortitude Re industry classification
Industry- Product category
- Reinsurance Services
- NAICS
- Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Surety Insurance (6351), Finance Services (6199)
- akta.pro primary industry
- Surety & Credit Reinsurance (FSAOADAD)
- akta.pro secondary industry
- Credit & Surety Treaty Reinsurance (FSAOAEAI)
Keywords
Where Fortitude Re is headquartered
LocationHeadquarters
- HQ city
- Jersey City
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Fortitude Re business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D
Revenue model
- Reinsurance Premiums: Fortitude Re earns reinsurance premiums from ceding insurance companies. Premiums are received in exchange for assuming insurance risks including life, annuity, and P&C liabilities. The company also earns investment income on the float (reserves) while managing long-duration liabilities.
- Asset Management Fees: Through Carlyle partnership and FCA Re sidecar structure, Fortitude Re generates fee income from fee-earning assets under management. FCA Re is expected to add approximately $10 billion of fee-earning AUM to Carlyle.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Fortitude Re product offering
Product offeringCore offering
Fortitude Re is a global composite reinsurer that assumes life, annuity, and property and casualty liabilities from insurance companies through bespoke transactional solutions. It underwrites both large-scale block acquisitions (ranging from $1 billion to over $31 billion in reserves) and ongoing flow reinsurance arrangements, enabling cedants to release capital, manage legacy books, and refocus on strategic growth.
Product overview
Fortitude Re operates as a leading global reinsurance company providing bespoke risk solutions across Life & Annuity and Property & Casualty lines. The platform offers a comprehensive suite of products including block acquisition reinsurance (handling transactions from $1B to $31B+), flow reinsurance for ongoing transactions, and specialized solutions for longevity, mortality, morbidity, equity market risk, and long-duration spread risk. The company complements its core reinsurance offerings with FCA Re, a Bermuda-domiciled sidecar targeting Asian markets, and Funding Agreement Backed Notes for institutional capital raising. The portfolio spans solutions for legacy liability management, capital optimization, and strategic growth support for cedants globally, with significant operations in the U.S. and Japan.
Differentiator
Problem solved
Functional benefit
Brands
- Fortitude Re 4 Good: Corporate social responsibility program focusing on community partnerships, charitable sponsorships, corporate matching, and volunteering initiatives.
Products and services
- Life & Annuity Reinsurance
- Property & Casualty Reinsurance
- Block Acquisition Reinsurance
Quantifiable outcome
- Completed $28 billion Life & Annuity reinsurance with Lincoln Financial Group
- +3 more outcomes
Companies that use Fortitude Re
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Fortitude Re technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Fortitude Re partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- FCA Re (Fortitude Carlyle Asia Reinsurance)coreBermuda-domiciled Class E reinsurance sidecar with over $700 million in deployable capital. Jointly sponsored by Fortitude Re (insurance sponsor) and Carlyle (asset management sponsor). Targets Asian life and annuity market expansion. Includes equity commitments from T&D Insurance Group, AllianceBernstein, Shinhan Life, and National Pension Service of Korea.
- Unum GroupcoreReinsurance transaction partner ceding $3.4 billion of individual LTC statutory reserves and approximately $120 million of IDI in-force premium. Represents 19% of Unum's total LTC block and 20% of its in-force IDI premium. Fortitude Re subsequently retroceded 100% of the LTC and IDI insurance risks to a highly rated global reinsurance partner.
- Taiyo Life Insurance CompanycoreWholly owned subsidiary of T&D Holdings. Fortitude Re reinsured a significant portion of Taiyo Life's whole life annuity business in a $4 billion transaction effective February 28, 2025. Second reinsurance transaction between the companies; sixth deal in Japan for Fortitude Re.
- Lincoln Financial GroupcoreReinsurance agreement with The Lincoln National Life Insurance Company to reinsure significant portion of universal life insurance and fixed annuity business. $28 billion transaction; Fortitude Re's largest deal at the time.
- Prudential FinancialcoreAcquisition of PALAC (Prudential Annuities Life Assurance Corporation) containing $31 billion in legacy variable annuity reserves. All-cash purchase price of $1.5 billion plus capital release and expected tax benefit. Transaction completed 2022.
Scale indicators6 records
Recent moves10 records
Expansion highlights7 records
Fortitude Re competitors and assessment
Company assessmentDirect peers
- Enstar Group: Enstar is a specialty insurance and reinsurance acquirer focused on legacy/run-off portfolios across life, P&C, and annuity lines. Highly comparable business model of acquiring closed blocks and managing long-tail liabilities.
- Resolution Life: Resolution Life acquires and manages in-force life and annuity portfolios globally. Closely matches Fortitude's bespoke L&A block acquisition and active liability management model.
- Athene Holding (Apollo): Athene is a leading retirement services company that reinsures and acquires annuity blocks. Comparable to Fortitude in annuity reinsurance and asset-intensive liability management, though operates as a primary carrier with reinsurance characteristics.
- Reinsurance Group of America (RGA): RGA is one of the largest global life and health reinsurers, with a portfolio of U.S. and international life, annuity, group, and health reinsurance. Directly comparable to Fortitude Re on life/annuity reinsurance and large block transactions.
- Pacific Life Re: Pacific Life Re is the global reinsurance arm of Pacific Life, focused on life, annuity, and longevity solutions. Comparable in scale and focus on mortality, longevity, and structured reinsurance transactions.
Broad incumbents
- SCOR: SCOR is a global reinsurer with Life and P&C divisions. Overlaps with Fortitude's life reinsurance capabilities but operates as a broad incumbent across geographies and lines.
- PartnerRe: PartnerRe is a global multi-line reinsurer offering life, P&C, and specialty solutions. Comparable as a broad-line reinsurer though not as focused on legacy block transactions as Fortitude.
- Hannover Re: Hannover Re is one of the world's largest reinsurers with significant life/health and P&C operations. Competes with Fortitude in life reinsurance transactions but operates as a multi-line global incumbent.
- Swiss Re: Swiss Re is a leading wholesale reinsurer offering life, P&C, and specialty solutions worldwide. Comparable in life/annuity reinsurance scale and global reach, though much larger and more diversified.
- Munich Re: Munich Re is the world's largest reinsurer with both life and P&C businesses globally. Overlaps with Fortitude across life and annuity reinsurance but operates as a much broader multi-line incumbent.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Fortitude Re social profiles
Digital presenceFortitude Re compliance and trust
Trust signalCompliance3 records
Fortitude Re financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fortitude Re leadership team
Management profileNumber of profiles
Profiles10 records
Fortitude Re subsidiaries and ownership
Company hierarchySubsidiaries6 records
Fortitude Re funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fortitude Re M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fortitude Re
What does Fortitude Re do?
Fortitude Re is a global composite reinsurer that assumes life, annuity, and property and casualty liabilities from insurance companies through bespoke transactional solutions. It underwrites both large-scale block acquisitions (ranging from $1 billion to over $31 billion in reserves) and ongoing flow reinsurance arrangements, enabling cedants to release capital, manage legacy books, and refocus on strategic growth.
Is Fortitude Re a public or private company?
Fortitude Re is a private company. It is classified as private equity controlled and is currently operating.
When was Fortitude Re founded?
Fortitude Re was founded in 2017. It employs 251 to 500 people.
Where is Fortitude Re based?
Fortitude Re is headquartered in Jersey City, United States, in the North America region.
How does Fortitude Re make money?
Two revenue lines are on record. Reinsurance Premiums are the primary driver. The others are asset Management Fees.
Who are Fortitude Re's main competitors?
Direct peers on record are Enstar Group, Resolution Life, Athene Holding (Apollo), Reinsurance Group of America (RGA) and Pacific Life Re. Broad incumbents are SCOR, PartnerRe, Hannover Re, Swiss Re and Munich Re.
Does Fortitude Re have an API?
No public API is recorded for Fortitude Re.
What industry is Fortitude Re in?
Fortitude Re's product category is Reinsurance Services. Its primary akta.pro industry code is FSAOADAD, Surety & Credit Reinsurance, with a secondary code of FSAOAEAI, Credit & Surety Treaty Reinsurance. Its NAICS code is 52599 and its SIC code is 6351.