M&A Deal Summary

Fortitude Reinsurance Acquires Fortitude Life Insurance & Annuity

On September 15, 2021, Fortitude Reinsurance acquired insurance company Fortitude Life Insurance & Annuity from Prudential Financial

Acquisition Highlights
  • This is Fortitude Reinsurance’s 1st transaction in the Insurance sector.
  • This is Fortitude Reinsurance’s 1st transaction in the United States.
  • This is Fortitude Reinsurance’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2021-09-15
Target Fortitude Life Insurance & Annuity
Sector Insurance
Buyer(s) Fortitude Reinsurance
Sellers(s) Prudential Financial
Deal Type Divestiture

Target

Fortitude Life Insurance & Annuity

Shelton, Connecticut, United States
Fortitude Life Insurance & Annuity is a provider of life insurance and annuity services. Fortitude Life Insurance & Annuity was founded in 1969 and is based in Shelton, Connecticut.

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Buyer(S) 1

Buyer

Fortitude Reinsurance

Pembroke, Bermuda
Category Company
Founded 2017
Sector Insurance
DESCRIPTION

Fortitude Reinsurance is a multi-line reinsurance company with deep expertise in the management of closed blocks of insurance liabilities. Fortitude Re is a liability-led company complemented by sophisticated asset sourcing and asset-liability management expertise. Fortitude Reinsurance was founded in 2017 and is based in Pembroke, Bermuda.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1

Seller(S) 1

SELLER

Prudential Financial

Newark, New Jersey, United States
Category Company
Founded 1875
Sector Insurance
Employees40,366
Revenue 54.3B USD (2023)
DESCRIPTION
Prudential office building in downtown Chicago, Illinois.
Prudential office building in downtown Chicago, Illinois.

Prudential Financial is a provider of arrange of financial products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. Prudential Financial was founded in 1875 and is based in Newark, New Jersey.

DEAL STATS #
Overall 9 of 9
Sector (Insurance) 6 of 6
Type (Divestiture) 7 of 7
State (Connecticut) 1 of 1
Country (United States) 5 of 5
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-21 Prudential Financial - Full-Service Retirement Business

Newark, New Jersey, United States

Prudential Financial's Full-Service Retirement Business provides a comprehensive suite of retirement recordkeeping and administration services to financial professionals, plan sponsors, and participants.

Sell $3.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-18 Alexander Forbes

Sandton, South Africa

Alexander Forbes is an insurance broker, asset multi-manager, and financial services company that impacts people’s lives by delivering insight and advice to individuals, employers, and retirement funds. Alexander Forbes was incorporated in 1935 and is based in Sandton, South Africa.

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