March 21, 2025 Reinsurance

Fortitude Re Announces $4 Billion Annuity Reinsurance Agreement with Taiyo Life Insurance Company

Business Wire

HAMILTON, Bermuda--(BUSINESS WIRE)--
FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary, Fortitude International Reinsurance Company Ltd. (“FIRL”) and Taiyo Life Insurance Company (“Taiyo Life”), a wholly owned subsidiary of T&D Holdings, Inc (“T&D”).

Under the transaction, which is effective as of February 28, 2025, Taiyo Life has reinsured a significant portion of its whole life annuity business to Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.

This transaction marks Fortitude Re’s second reinsurance transaction with Taiyo Life and Fortitude Re’s sixth deal in Japan.

“We are honored that Taiyo Life continues to place their trust in us and we look forward to building on our successful partnership,” said Leonard Lin, Head of Asia, Fortitude Re. “This transaction further demonstrates our deep commitment to the Japan market and to helping our partners achieve their risk, capital and growth aspirations.”

“The track record Fortitude Re has built in Japan underscores the power of the partnership between Fortitude Re and its shareholders,” said Alon Neches, CEO, Fortitude Re. “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.”

The transaction with Taiyo Life comes on the heels of the announcement of the signing of Fortitude Re's long-term care and individual disability insurance reinsurance agreement with a subsidiary of Unum Group last month in the U.S. Upon closing of that transaction, Fortitude Re will have originated over $8 billion in reserves this year, reinforcing Fortitude Re’s industry-leading capabilities.

Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re on the Taiyo Life transaction.

About Fortitude Re

Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world’s most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients’ highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, www.fortitude-re.com and follow Fortitude Re on LinkedIn.