Latest news with #FortitudeRe
Business Wire
21 hours ago
- Business
- Business Wire
Fortitude Re Earns Great Place To Work Certification™ for Second Consecutive Year
HAMILTON, Bermuda--(BUSINESS WIRE)--FGH Parent, L.P. ('Fortitude Re'), today announced that it has received Great Place to Work Certification™ by Great Place To Work®, the global authority on workplace culture and employee experience. This is the company's second year to receive this prestigious recognition. 'This recognition is especially meaningful because it's a direct result of the collective feedback and experiences of our team members,' said CEO Alon Neches. 'It reflects the care, collaboration and shared purpose that defines our culture and validates the work we've done to make Fortitude Re a place where our people can truly thrive.' The Great Place to Work Certification™ is based on results of the Trust Index™ survey administered by the Great Place to Work Institute, which assesses employee satisfaction in key areas, from credibility and respect to fairness and camaraderie. 'Being named a Great Place to Work is such an honor, but the real achievement lies in the people behind it,' said Denise Nichols, Chief People Officer. 'Our colleagues are at the heart of everything we do and their passion, dedication and support for one another drives our success. I'm extremely proud of the culture we've built, and this recognition is a celebration of the extraordinary people who shape it every day.' Highlights from the survey results include: 94% of team members said they are treated fairly, regardless of their gender, race, age, and/or sexual orientation. 92% stated that management is honest and ethical in its business practices. 91% said when they joined Fortitude Re, they were made to feel welcome. 91% shared they are given a lot of responsibility. 89% said they feel good about the ways Fortitude Re contributes to the community. 88% are proud to tell others they work at Fortitude Re. 85% said that people care about each other here. 83% feel that they make a difference at Fortitude Re. 83% stated they're offered training or development to further themselves professionally. "Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience," says Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. 'By successfully earning this recognition, it is evident that Fortitude Re stands out as one of the top companies to work for, providing a great workplace environment for its employees." According to Great Place To Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company's profits and have a fair chance at promotion. 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, and follow Fortitude Re on LinkedIn.
Yahoo
24-03-2025
- Business
- Yahoo
Fortitude Re seals $4bn reinsurance deal with Taiyo Life
Reinsurer Fortitude Re has closed a $4bn (Y598.58bn) reinsurance transaction with Taiyo Life Insurance, part of Japanese company T&D Holdings . This deal involves the reinsurance of a 'significant portion' of Taiyo Life's whole life annuity business to Fortitude Re. Taiyo Life will maintain its role in servicing and administering the reinsured policies. This transaction is the second reinsurance agreement with Taiyo Life and the sixth overall in the Japan. For this deal, Fortitude Re received legal counsel from Sidley Austin and Mori Hamada & Matsumoto. Fortitude Re Asia head Leonard Lin said: 'We are honoured 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.' Fortitude Re CEO Alon Neches stated: '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.' This agreement follows Fortitude Re's announcement of a long-term care and individual disability reinsurance agreement with a subsidiary of Unum Group in the US. With the completion of that deal, Fortitude Re's originated reserves for the year will surpass $8bn. Backed by Carlyle Group and T&D Insurance Group, Fortitude Re Group oversees approximately $101bn in general and separate account insurance reserves. The company also administers more than four million insurance policies. "Fortitude Re seals $4bn reinsurance deal with Taiyo Life " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
03-03-2025
- Business
- Yahoo
Unum America to cede LTC and IDI policies to Fortitude Re
Unum Life Insurance Company of America has reached an agreement with Fortitude Re to cede a 19% portion of its long-term care (LTC) policies and a 20% quota share in individual disability insurance (IDI) policies. Upon deal closure, Unum America will transfer $3.4bn of individual LTC reserves and approximately $120m of IDI in-force premium to Fortitude Re. Subsequently, Fortitude Re will retrocede biometric risk to a 'global reinsurer'. The IDI segment of the deal involves business reinsured from Provident Life and Accident Insurance Company, an affiliate of Unum, and excludes any new business. The estimated capital benefit from the overall transaction is projected to be around $100m, resulting from a $200m 'capital impact' from the reinsured LTC block and a $300m 'capital benefit' from the reinsured IDI block. Unum will retain its role in servicing and administering the reinsured business. The completion of this deal is expected in 2025, contingent on regulatory clearances and other standard closing conditions. Debevoise & Plimpton offered legal advice to Unum, while Sidley Austin represented Fortitude Re. Unum President and CEO Richard P. McKenney 'The transaction announced today with Fortitude Re is consistent with our strategy of growing a leading employee benefits business while reducing our exposure to the legacy long-term care business. Through this action we further improve our risk profile, decrease the footprint of the closed block and shift focus towards our more capital efficient, higher-returning core businesses. The transaction also validates our assumptions for the LTC block, and the actions we have taken over the last several years.' Fortitude Re CEO Alon Neches said: 'Today's announcement underscores the deliberate approach we have taken toward growth. When partners like Unum place their trust in us, we ensure the value delivered honours that trust.' In July last year, Unum Group reached a definitive agreement to sell its medical stop loss business to Amynta Group. "Unum America to cede LTC and IDI policies to Fortitude Re " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
03-03-2025
- Business
- Yahoo
Unum America to cede LTC and IDI policies to Fortitude Re
Unum Life Insurance Company of America has reached an agreement with Fortitude Re to cede a 19% portion of its long-term care (LTC) policies and a 20% quota share in individual disability insurance (IDI) policies. Upon deal closure, Unum America will transfer $3.4bn of individual LTC reserves and approximately $120m of IDI in-force premium to Fortitude Re. Subsequently, Fortitude Re will retrocede biometric risk to a 'global reinsurer'. The IDI segment of the deal involves business reinsured from Provident Life and Accident Insurance Company, an affiliate of Unum, and excludes any new business. The estimated capital benefit from the overall transaction is projected to be around $100m, resulting from a $200m 'capital impact' from the reinsured LTC block and a $300m 'capital benefit' from the reinsured IDI block. Unum will retain its role in servicing and administering the reinsured business. The completion of this deal is expected in 2025, contingent on regulatory clearances and other standard closing conditions. Debevoise & Plimpton offered legal advice to Unum, while Sidley Austin represented Fortitude Re. Unum President and CEO Richard P. McKenney 'The transaction announced today with Fortitude Re is consistent with our strategy of growing a leading employee benefits business while reducing our exposure to the legacy long-term care business. Through this action we further improve our risk profile, decrease the footprint of the closed block and shift focus towards our more capital efficient, higher-returning core businesses. The transaction also validates our assumptions for the LTC block, and the actions we have taken over the last several years.' Fortitude Re CEO Alon Neches said: 'Today's announcement underscores the deliberate approach we have taken toward growth. When partners like Unum place their trust in us, we ensure the value delivered honours that trust.' In July last year, Unum Group reached a definitive agreement to sell its medical stop loss business to Amynta Group. "Unum America to cede LTC and IDI policies to Fortitude Re " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
Fortitude Re Announces Long-Term Care and Individual Disability Insurance Reinsurance Agreement with Unum Group
HAMILTON, Bermuda, February 27, 2025--(BUSINESS WIRE)--FGH Parent, L.P., (together with its subsidiaries, "Fortitude Re"), a leading global reinsurance company, today announced the signing of a reinsurance transaction between its subsidiary, Fortitude Reinsurance Company Ltd. ("FRL") and Unum Life Insurance Company of America ("Unum"), a subsidiary of Unum Group (NYSE: UNM). Upon receipt of regulatory approvals and subject to satisfaction or waiver of certain other customary closing conditions, Unum will cede to FRL, effective as of January 1, 2025, $3.4 billion of individual long-term care ("LTC") statutory reserves and approximately $120 million of Unum Group's multi-life individual disability insurance ("IDI") in-force premium. The cession represents 19% of Unum Group's total LTC block and 20% of its in-force IDI premium. Unum will continue to service and administer the reinsured policies. Simultaneously with the closing of the reinsurance transaction with Unum, FRL will enter into an agreement to retrocede 100% of the LTC and IDI insurance risks to a highly rated global reinsurance partner. FRL will therefore retain only the underlying spread-based risks associated with this block of business. "Today's announcement underscores the deliberate approach we have taken toward growth," said Alon Neches, CEO, Fortitude Re. "When partners like Unum place their trust in us, we ensure the value delivered honors that trust. I would like to extend a special thank you to the many professionals who have collaborated and worked tirelessly to achieve this important milestone." Sidley Austin LLP served as legal counsel to Fortitude Re. 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, and follow Fortitude Re on LinkedIn. View source version on Contacts Media Contact Mary Beth 423-596-1449 Sign in to access your portfolio
