Fortitude Re and Carlyle launch reinsurance sidecar

Core Insights - FGH Parent (FGP), along with Fortitude Re and Carlyle, has launched a new reinsurance sidecar named Fortitude Carlyle Asia Reinsurance (FCA Re) to enhance Fortitude Re's operations in the Asian life and annuity insurance market [1][2] Group 1: FCA Re Overview - FCA Re is a Class E-licensed reinsurer based in Bermuda, aimed at facilitating Fortitude Re's growth in Asia [1] - The initial focus of FCA Re will be to assume a portion of Fortitude Re's existing liabilities and provide reinsurance for future transactions in the Asian market [2] Group 2: Financial Commitments and Structure - FCA Re has a capital base exceeding $700 million, which includes both equity and anticipated debt capacity [2] - Equity commitments have been secured from Fortitude Re, Carlyle, and a consortium of international institutional investors, including T&D Insurance Group, AllianceBernstein, Shinhan Life, and the National Pension Service of Korea [3] Group 3: Strategic Implications - Once fully deployed, FCA Re is expected to contribute approximately $10 billion in fee-earning assets under management to Carlyle [4] - The initiative is seen as a strategic extension of Carlyle's approach to providing integrated asset, capital, and liability solutions to insurance clients globally [4][5] Group 4: Recent Transactions - Earlier in the year, Fortitude Re completed a $4 billion reinsurance transaction with Taiyo Life Insurance, part of T&D Holdings [6]