Fortitude Re Enters Funding Agreement Backed Note Market with $500 Million Issuance

Business Wire

HAMILTON, Bermuda--(BUSINESS WIRE)--
FGH Parent, L.P., (“FGP” and together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced that Fortitude Life Insurance & Annuity Company (“FLIAC”) has entered the market for funding agreement backed notes, with its inaugural offering to institutional investors scheduled to settle Oct. 6, 2025. The notes will be issued by Fortitude Global Funding (the “Issuer”), an unaffiliated Delaware statutory trust, and are backed by a funding agreement issued by FLIAC.

“Entering this market aligns with our ongoing growth strategy,” said Alan Stewart, Group Treasurer, Fortitude Re. “By diversifying our sources of capital, we reinforce the resilience of our balance sheet, unlock new avenues for growth, and continue delivering on our promise to provide long-term security and value to our stakeholders.”

The Issuer has priced a private offering of $500 million aggregate principal amount of 4.625% notes due Oct. 6, 2028 (the “Notes”).

The proceeds from the Issuer will be used to purchase a funding agreement from FLIAC. The Notes are expected to carry ratings of BBB+ from Fitch and A3 from Moody’s which are in line with FLIAC’s financial strength ratings. The issuance of the Notes is expected to take place on Oct. 6, 2025.

About Fortitude Re

Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of December 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.