Fortitude Re and Taiyo Life Seal $4 Billion Reinsurance Deal

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Fortitude Re and Taiyo Life Finalize Major Reinsurance Agreement

FGH Parent, in collaboration with its subsidiary, the global reinsurance firm Fortitude Re, has announced the successful signing and closure of a significant $4 billion reinsurance deal. This agreement involves Fortitude International Reinsurance Company (FIRL) and Taiyo Life Insurance Company (Taiyo Life), a wholly owned division of T&D Holdings (T&D).

Effective from February 28, 2025, Taiyo Life will have reinsured a substantial segment of its whole life annuity portfolio to Fortitude Re, while continuing to manage and service the reinsured policies. This deal signifies Fortitude Re’s second reinsurance transaction with Taiyo Life and the sixth successful venture in the Japanese market.

Leonard Lin, Head of Asia at Fortitude Re, remarked, “We are deeply honored by Taiyo Life’s continued confidence in our capabilities, and we are eager to further enhance our robust partnership. This transaction highlights our unwavering commitment to the Japanese market and our dedication to supporting our partners in achieving their risk management, capital efficiency, and growth objectives.”

Alon Neches, CEO of Fortitude Re, further commented, “The successful track record we have established in Japan exemplifies the powerful collaboration between Fortitude Re and its shareholders. T&D’s roots and significant operations in Japan, alongside Carlyle’s 25-year legacy in the country and leading asset origination expertise, have been instrumental in expanding our business. This ensures our policyholders benefit from the compelling value proposition we offer. Together, we are crafting innovative solutions that deliver substantial long-term value for insurers both in Japan and globally.”

Sidley Austin LLP and Mori Hamada & Matsumoto served as legal advisors to Fortitude Re in the Taiyo Life transaction. This agreement follows the recent announcement by Unum Group to transfer $3.4 billion of individual long-term care statutory reserves and approximately $120 million of multi-life individual disability insurance in-force premiums to Fortitude Re.