Fortitude Re Secures $4 Billion Reinsurance Deal with Taiyo Life
Deal News | Mar 21, 2025 | The Carlyle Group
FGH Parent, L.P. (Fortitude Re), a global reinsurance company backed by The Carlyle Group, announced a $4 billion reinsurance transaction with Taiyo Life Insurance Company, a subsidiary of T&D Holdings. This deal, effective February 28, 2025, marks the second collaboration between the firms and the sixth transaction Fortitude Re has completed in Japan. Fortitude Re will reinsure a significant portion of Taiyo Life's whole life annuity business, with Taiyo Life continuing to manage the policies. Fortitude Re's CEO, Alon Neches, highlighted the strategic importance of the partnership with T&D Holdings and Carlyle in leveraging their combined expertise to strengthen market presence in Japan and globally. Sidley Austin LLP and Mori Hamada & Matsumoto acted as legal counsel for Fortitude Re in this transaction. Fortitude Re, with $106 billion in total assets, continues to demonstrate its market-leading capabilities by originating over $8 billion in reserves in 2025.
Sectors
- Reinsurance
- Private Equity
- Insurance
Geography
- Japan – The transaction involves a Japanese company, Taiyo Life, and represents Fortitude Re’s sixth deal in Japan, highlighting its strategic operations in the region.
- United States – Fortitude Re is a U.S.-based reinsurance firm, actively engaging in international transactions and backed by U.S.-based Carlyle Group.
- Bermuda – Fortitude Re has operations in Bermuda, where the announcement was made, reflecting its global operational base.
Industry
- Reinsurance – The article discusses a reinsurance transaction between Fortitude Re and Taiyo Life, emphasizing the role of reinsurance in managing risk and capital for insurance companies.
- Private Equity – The Carlyle Group is a major player in this sector, providing investment and strategic backing for Fortitude Re's expansion and transactions.
- Insurance – The core business focus is on insurance and reinsurance, with specific reference to whole life annuity business and long-term care insurance.
Financials
- $4 billion – The value of the reinsurance transaction between Fortitude Re and Taiyo Life.
- $106 billion – Total assets held by Fortitude Re as of December 31, 2024.
- $8 billion – Total reserves originated by Fortitude Re in 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fortitude Re | Reinsurer | Company | A leading global reinsurance company involved in the $4 billion transaction with Taiyo Life. |
| Taiyo Life Insurance Company | Ceding Company | Company | A subsidiary of T&D Holdings involved in the reinsurance deal, transferring a portion of its annuity business to Fortitude Re. |
| The Carlyle Group | Private Equity Backer | Company | Provides investment support and strategic backing for Fortitude Re's operations and expansions. |
| T&D Holdings, Inc | Parent Company | Company | The parent company of Taiyo Life, involved in the transaction through its subsidiary. |
| Sidley Austin LLP | Legal Advisor | Company | Legal advisor to Fortitude Re for the transaction with Taiyo Life. |
| Mori Hamada & Matsumoto | Legal Advisor | Company | Legal advisor to Fortitude Re for the transaction with Taiyo Life. |