Fortitude Re Announces Closing of $28 Billion Reinsurance Agreement with Lincoln Financial

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Neutral)

Tags

11/21/2023 - 08:00 AM

HAMILTON, Bermuda--(BUSINESS WIRE)-- Fortitude Reinsurance Company Ltd., (“Fortitude Re”) today announced the closing of its $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation (NYSE:LNC) and its affiliates (“Lincoln”).

Consistent with the agreement announced May 2, 2023, Lincoln will reinsure a significant portion of its universal life insurance and fixed annuity business to Fortitude Re. To ensure a consistent experience for customers, Lincoln will continue to service and administer the reinsured policies.

Debevoise & Plimpton LLP served as legal counsel to Fortitude Re.

About Fortitude Re
The Fortitude Re Group manages approximately $71 billion in general and separate account insurance reserves and administers over 4.2 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.