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Fortitude Re Closes Acquisition of Third Party Administrators from AIG.

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Vincent

MANews-(C)2009-2022

US-based Fortitude Group Holdings, LLC, the parent company of Bermuda's largest multi-line reinsurer, has acquired licensed life and annuity TPA and annuity TPA Fortitude Life and Annuity Solutions, Inc and licensed property and casualty TPA Fortitude P and C Solutions, Inc, from US-based AIG (NYSE: AIG), the group said.

These transactions are the final step in Fortitude Re's acquisition of AIG's legacy insurance operations.

FLAS comprises 250 professionals based in Nashville and currently provides policyholder services for approximately 4m life insurance policies issued by AIG, a portion of which are reinsured by Fortitude Re.

FPCS comprises 50 professionals based in Jersey City and currently oversees approximately 5,000 complex casualty claims on policies issued by AIG and reinsured by Fortitude Re.

The company said the completion of the FLAS acquisition provides Fortitude Re with a cost-effective, experienced and scalable administration platform for runoff life and annuity insurance blocks, allowing...

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