Fortitude Reinsurance Company Ltd has announced that Moody’s Investors Service assigned A3 Insurance Financial Strength Ratings to its three main operating entities: Fortitude Reinsurance Co. Ltd., Fortitude International Reinsurance Co. Ltd., and Fortitude Life Insurance and Annuity Co.
The global rating agency also gave a Baa2 long-term issuer rating to FGH Parent, LP, the group’s lead holding company. The outlook for all ratings is stable.
This development follows Fitch Ratings’ recent decision to raise Fortitude Re’s outlook to Positive from Stable. Fitch affirmed the BBB+ Insurer Financial Strength Ratings for Fortitude Reinsurance Co. Ltd. and Fortitude Life Insurance and Annuity Co., alongside the BBB Issuer Default Rating for FGH Parent, L.P.
Both Moody’s and Fitch highlighted Fortitude Re’s growth in the global block and flow reinsurance markets, its expanding business diversification, solid capital position, and improving profitability as key factors behind the ratings.
“These positive ratings underscore our commitment to delivering a high-value and high-quality experience to our clients and the policyholders we serve,” said Alon Neches (pictured above), CEO of Fortitude Re. He added that the company aims to continue advancing its performance and ratings trajectory.
Fortitude Re reported US$111 billion in total assets as of Dec. 31, 2023, positioning itself as a significant provider of reinsurance solutions in the global market.
In October, the reinsurer also announced a US$200,000 donation to the Cumberland River Compact, a Tennessee-based nonprofit.
The funding will support water-focused environmental education programs for students from kindergarten through high school.
For 27 years, the Cumberland River Compact has played a significant role in improving water quality throughout the Cumberland River Basin. In addition to its environmental efforts, the nonprofit operates an Education and Engagement division, providing learning experiences for K-12 students and professional development for teachers.
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