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Fortitude Re Announces $28 Billion Life & Annuity Reinsurance Agreement with Lincoln Financial Group
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HAMILTON, Bermuda--(BUSINESS WIRE)--
Fortitude Reinsurance Company Ltd., (“Fortitude Re”) today announced the signing of a $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation (NYSE: LNC) and its affiliates (“Lincoln”).
Upon receipt of regulatory approvals, Lincoln will reinsure a significant portion of its universal life insurance and fixed annuity business to Fortitude Re. Lincoln will continue to service and administer the reinsured policies.
Alon Neches, CEO of Fortitude Re commented, “With today's announcement, Fortitude Re has again demonstrated why we are the preferred choice for insurers who seek solutions instead of transactions and who want to work with partners instead of counterparties. We are grateful for the trust that Lincoln has put in Fortitude Re and to the teams at both firms who have collaborated intensively and worked tirelessly to reach this milestone.”
Brian Schreiber, Chairman of the Fortitude Re Board of Directors, added, “This agreement is a great example of how Fortitude Re leverages its strong balance sheet, asset origination capabilities and deep insurance expertise to deliver value-enhancing solutions to our clients.”
Debevoise & Plimpton LLP served as legal counsel to Fortitude Re.
About Fortitude Re
The Fortitude Re Group manages approximately $72 billion in general and separate account insurance reserves and administers over 4.5 million insurance policies. 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.
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