Fortitude Re

James Bracken serves as CEO, overseeing all corporate and operational functions. Investment management of the general account portfolio is delegated to Carlyle Insurance Solutions Management under the strategic ownership agreement, with Fortitude Re retaining Board-level governance over asset allocation and regulatory compliance. Day-to-day portfolio management sits with Carlyle's credit and structured products teams.

The Carlyle Group owns a 71.5% controlling stake in Fortitude Re, acquired from AIG in 2020. Carlyle Insurance Solutions Management L.L.C. serves as the strategic asset management partner, overseeing the investment of Fortitude Re's general account reserves. This structure gives Carlyle a permanent capital vehicle funded by insurance liabilities rather than traditional fund commitments.

Fortitude Re is a hybrid — a regulated Class E reinsurer in Bermuda and a licensed insurer in multiple US states — but its economics are driven by spread income between the investment returns Carlyle generates and the liability costs assumed. Unlike traditional reinsurers that originate new policies, Fortitude Re focuses on acquiring closed, seasoned liability blocks where the primary underwriting risk has already materialized from the ceding insurer.

Fortitude Re's general account is managed directly by Carlyle's insurance solutions team, predominately through direct credit, structured assets, and real estate exposure. The firm also structures third-party capital participation through vehicles like the FCA Re sidecar, which has attracted equity commitments from AllianceBernstein, Shinhan Life, and the National Pension Service of Korea.

The firm targets closed blocks of Life & Annuity policies, variable annuity guarantees, Long-Term Care books, and corporate runoff liabilities. Sellers include major US and Japanese insurers — Prudential Financial transferred a $31 billion legacy variable annuity block, Lincoln Financial ceded $28 billion in Life & Annuity reserves, and Unum Group transferred $3.4 billion in Long-Term Care exposure.

The corporate headquarters is in Jersey City, New Jersey, with actuarial operations also in Nashville, Tennessee. The Bermuda-domiciled parent entity at Chesney House, 96 Pitts Bay Road in Pembroke handles cross-border reinsurance transactions and houses the sidecar vehicle structures. The firm also maintains a meaningful Japanese operating relationship through the T&D Holdings strategic partnership.

Fortitude Re 4 Good operates as the corporate charitable foundation, funding community organizations in Jersey City, Nashville, and Bermuda. It is funded through corporate contributions rather than customer premiums, maintaining separation from the insurance operating subsidiaries. The foundation focuses on education access and community development in the firm's operating cities.