Nov 2025
Conyers advised FGH Parent, L.P. (“FGP”, and together with its subsidiaries, “Fortitude Re”) in connection with the structuring, formation and launch of Fortitude Carlyle Asia Reinsurance, Ltd. (“FCA Re”), and its affiliated holding entities.
Fortitude Re, a leading global reinsurance company, partnered with global investment firm Carlyle (NASDAQ: CG) to form FCA Re as a Bermuda-based Class E reinsurance sidecar, to support Fortitude Re’s strategic expansion into the Asian life and annuity market. FCA Re has secured over US$700 million in deployable capital, including equity and expected debt capacity. In addition to Fortitude Re and Carlyle, equity commitments were made by a consortium of institutional investors including T&D Insurance Group, AllianceBernstein, Shinhan Life, and the National Pension Service of Korea (NPS).
Fortitude Re will act as the insurance sponsor, while Carlyle will serve as the asset management sponsor. Upon full capital deployment, FCA Re is expected to contribute approximately US$10 billion in fee-earning assets under management to Carlyle.
The Conyers team led by Jacqueline King advised on all aspects of Bermuda law and regulation relating to the structuring of FCA Re, the capital raised through both equity and debt financing, and obtaining the licensing and transaction related approvals to ensure FCA Re was licensed to reinsure initial flow and block reinsurance transactions from Fortitude Re related to whole-life products and fixed annuity products.
Director Jacqueline King, Senior Associates Alexis Haynes and Kathleen McBeath, and Associates Jacari Brimmer-Landy and Ryann Hollis provided Bermuda law advice on this matter, working alongside Debevoise & Plimpton LLP.
Partner Anna-Lise Wisdom and Associate Farrah Miller provided Cayman Islands law advice.