Fortitude Reinsurance Company, Ltd.
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Fortitude Reinsurance Company, Ltd. - overview
Established
2018
Location
Pembroke, -, Bermuda
Primary Industry
Insurance
About
Based in the UK, Fortitude Reinsurance Company, Ltd. (formerly Fortitude Group Holdings, LLC) operates as a company that specializes in providing solutions for legacy life and property and casualty (P&C) lines to insurance companies worldwide. In November 2019, The Carlyle Group and T&D Holdings agreed to acquire a 76. 6% majority stake in Fortitude Group Holdings LLC from AIG for USD 1.
8 billion. AIG will receive approximately an additional USD 500 million non-pro-rata distribution from Fortitude in May 2020. As of January 2024, the company is led by Alon Neches (CEO). Fortitude Re offers a range of services in the insurance industry, including risk solutions for various sectors such as agriculture, aviation, cyber risk, engineering, financial risks, marine, property and casualty, terrorism, life, and health insurance.
They specialize in providing bespoke solutions for legacy life and annuity and property and casualty lines, helping insurance companies worldwide solve complex risk transfer challenges. Additionally, Fortitude Re provides policy administration services, including administering life and annuity insurance policies.
Current Investors
Carlyle Group, T&D Holdings
Primary Industry
Insurance
Sub Industries
Reinsurance, Claims Administration & Processing
Website
https://fortitude-re.com/
Company Stage
Mature - Buyout
Total Amount Raised
Subscriber access only
Fortitude Reinsurance Company, Ltd. - timeline of key events
Fortitude Reinsurance Company, Ltd. - financials
| Fiscal Year Ended | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 |
|---|---|---|---|---|---|---|
| Revenue (USD) | 414,000,000 | 425,000,000 | 374,000,000 | - | - | - |
| % Revenue Growth (YoY) | - | 2.7% | (12.0%) | - | - | - |
| EBITDA (USD) | (628,000,000) | 4,612,000,000 | 1,101,000,000 | - | - | - |
| Operating Income (USD) | (628,000,000) | 4,612,000,000 | 1,101,000,000 | - | - | - |
| Operating Margin | (151.7%) | 1085.2% | 294.4% | - | - | - |
| % EBITDA Margin | (151.7%) | 1085.2% | 294.4% | - | - | - |
| NET Income (USD) | (507,000,000) | 3,642,000,000 | 864,000,000 | - | - | - |
| % Net Margin | (122.5%) | 856.9% | 231.0% | - | - | - |
Fortitude Reinsurance Company, Ltd. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Buyout | Completed | Fortitude Reinsurance Company, Ltd. | - | ||||||||
| Buyout | Completed | Fortitude Reinsurance Company, Ltd. | - |
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Fortitude Reinsurance Company, Ltd. - employee data
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