Fortitude Re Acquisition, Valuation, Funding & Investors

Fortitude Re was acquired by Carlyle Group and T&D Holdings for $2.3B in June 2020.

Fortitude Re acquisition price

$2.3B

Acquired by Carlyle Group, T&D Holdings · Jun 2020

Key investors in Fortitude Re

Fortitude Re Overview

About Fortitude Re

Fortitude Re is a reinsurance specialist that structures customized transactional solutions for its clients.


Founded

2017

HQ

United StatesNew York City, NY

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$476M (Nov 2018)

Fortitude Re Acquisition

Fortitude Re was acquired by Carlyle Group and T&D Holdings for $2.3B on 2 June 2020.

On 2 June 2020 The Carlyle Group and T&D Holdings completed their acquisition of a 76.6 percent interest in Fortitude Group Holdings from AIG. The purchase price was 1.8 billion dollars, and AIG received about 2.2 billion dollars in total proceeds including additional consideration under the purchase agreement. After closing, Carlyle and a newly created Carlyle-managed fund held 71.5 percent of Fortitude Re, including the 19.9 percent stake Carlyle had bought in November 2018, T&D Holdings held 25 percent and AIG kept 3.5 percent. AIG described the sale as a step in managing its legacy liabilities efficiently while strengthening its balance sheet. Carlyle called the investment strategic and aimed at growing the platform with new solutions for the insurance industry, while T&D said it expected to contribute its Japanese life insurance expertise and create synergies with its domestic business. Fortitude Re reinsures about 30 billion dollars of reserves from AIG's legacy life and retirement run-off lines and about 4 billion dollars from its legacy general insurance run-off lines.

Fortitude Re acquisition details
AcquirerDateTypePrice
2 Jun 2020PE buyout$2.3B

Sources: carlyle.com, sec.gov, ir.carlyle.com

Fortitude Re Valuation

Fortitude Re is currently valued at $476M, based on its strategic investment round in November 2018. Read the announcement ↗

The round included Carlyle Group.

Fortitude Re valuation by funding round

Fortitude Re valuation by funding round
DateStageValuation
Nov 2018Strategic investment$476M

Fortitude Re Funding History

Fortitude Re has raised 1 funding round.

Fortitude Re funding rounds
DateStageInvestorsValuationDeal Summary
Nov 2018Strategic investmentCarlyle Group$476MThe Carlyle Group completed the acquisition of a 19.9 percent stake in Fortitude Group Holdings, the Bermuda reinsurer then known as DSA Re, from AIG on 13 November 2018. The transaction had been announced in August 2018 and closed after regulatory approvals. AIG had formed DSA Re in February 2018 to manage its legacy liabilities efficiently while meeting policy obligations, and said the Carlyle partnership served those goals, freed up capital and let AIG share in the company's growth. As part of the arrangement DSA Re and AIG were to allocate about 6 billion dollars of assets into Carlyle-managed strategies. Carlyle said it would bring its investment platform to the reinsurer to pursue returns for the portfolio. The business reinsures 36 billion dollars of AIG's legacy life and annuity and general insurance liabilities, and is intended to grow into a standalone provider of reinsurance, claims handling and run-off management. It has offices in Bermuda, New York and Nashville.

Who has invested in Fortitude Re?

1 investor has backed Fortitude Re across its funding rounds, including Carlyle Group.


Fortitude Re Investors

Investors in Fortitude Re by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Fortitude Re

Fortitude Re has acquired 1 company to date.

Last acquisition by Fortitude Re was on September 28th 2026. Fortitude Re acquired Dayforward for undisclosed valuation.


Latest Acquisitions by Fortitude Re

Dayforward
Description
Dayforward is a digital life insurance provider offering term policies that cover income protection until children reach adulthood. The New York-based platform underwrites policies online for parents aged 25 to 45, partnering with reinsurers for instant approvals.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date28 Sep 2026
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Fortitude Re Competitors

Fortitude Re competitors include listed companies like Pelagos Insurance Capital, Lancashire Holdings, Al Rajhi Takaful and Coface, and private ones like Prismic Life Reinsurance and Nassau Financial Group.

Public and private companies comparable to Fortitude Re
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Pelagos Insurance CapitalUnited KingdomUnited KingdomPublicly listed$2.2B$323M$2.3B0.6x
Lancashire HoldingsUnited KingdomUnited KingdomPublicly listed$1.9B$342M$2.2B1.1x
Al Rajhi TakafulSaudi ArabiaSaudi ArabiaPublicly listed$1.2B$132M$2.5B-
CofaceFranceFrancePublicly listed$1.9B$411M$2.7B1.4x
Prismic Life ReinsuranceBermudaBermudaPrivate--$2.9B-
Nassau Financial GroupUnited StatesHartford, CTPrivate--$1.7B-

Fortitude Re Public Comps

Fortitude Re is no longer listed, but its public comps include Pelagos Insurance Capital, Lancashire Holdings, Al Rajhi Takaful, Coface, Qatar Insurance Group, BaoViet, SiriusPoint, Santam, Sava Re and Grupo Nacional Provincial.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Pelagos Insurance Capital$2.2B$323M1.1x0.6x7.1x-
Lancashire Holdings$1.9B$342M1.2x1.1x6.5x6.5x
Al Rajhi Takaful$1.2B$132M2.1x-19.0x-
Coface$1.9B$411M1.4x1.4x6.5x-
Qatar Insurance Group$2.2B$268M0.9x0.7x7.4x-
BaoViet$2.3B$216M0.8x1.0x8.5x-
SiriusPoint$3.2B$632M1.0x0.9x4.8x-
Santam$2.7B$526M1.2x1.4x6.1x6.4x

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Common questions about Fortitude Re

When was Fortitude Re founded?Fortitude Re was founded in 2017.
Where is Fortitude Re headquartered?Fortitude Re is headquartered in New York City, NY, United States.
Is Fortitude Re publicly listed?No, Fortitude Re was acquired by Carlyle Group and T&D Holdings in June 2020.
Who acquired Fortitude Re?Fortitude Re was acquired by Carlyle Group and T&D Holdings in June 2020.
How much was Fortitude Re acquired for?Fortitude Re was acquired for $2.3B in June 2020.
What is Fortitude Re's valuation?Fortitude Re was last valued at $476M in its strategic investment round in November 2018.
What was Fortitude Re's last funding round?Fortitude Re's last funding round was a strategic investment round in November 2018.
Who are Fortitude Re's investors?Fortitude Re's investors include Carlyle Group.
Which companies are comparable to Fortitude Re?Companies comparable to Fortitude Re include Pelagos Insurance Capital, Lancashire Holdings, Al Rajhi Takaful, Coface, Prismic Life Reinsurance and Nassau Financial Group.
How many companies has Fortitude Re acquired?Fortitude Re has acquired 1 company, including Dayforward.

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