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Fortitude Re Enters Into P&C Reinsurance Transaction
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Fortitude Re, Bermuda’s leading multi-line reinsurer, has finalized a reinsurance agreement with JRG Reinsurance Company, a subsidiary of James River Group Holdings Ltd. (NASDAQ: JRVR). The deal provides JRG Re with up to $400 million in aggregate reinsurance protection for its casualty portfolio, at a premium of $335 million. The transaction is subject to regulatory approval and other customary conditions. Fortitude Re aims to deliver tailored solutions for legacy insurance lines and holds approximately $48 billion in invested assets as of December 31, 2021.
Positive
Fortitude Re is providing JRG Re with up to $400 million in reinsurance protection.
This partnership reflects a strategic collaboration in the casualty reinsurance sector.
The agreement indicates strong demand for reinsurance solutions, indicating market confidence.
Negative
None.
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. (NASDAQ: JRVR).
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.
