M&A Deal Summary

The Carlyle Group, Alberta Investment Management and T&D Holdings Acquire Fortitude Reinsurance

On August 1, 2018, private equity firm The Carlyle Group, pension Alberta Investment Management and T&D Holdings acquired insurance company Fortitude Reinsurance from AIG for 1.8B USD

Acquisition Highlights
  • This is The Carlyle Group’s 10th, Alberta Investment Management’s 2nd and T&D Holdings’ 1st transaction in the Insurance sector.
  • This is The Carlyle Group’s 40th, Alberta Investment Management’s 4th and T&D Holdings’ largest (disclosed) transaction.
  • This is The Carlyle Group’s 3rd, Alberta Investment Management’s 1st and T&D Holdings’ 1st transaction in Bermuda.

M&A Deal Summary
Date 2018-08-01
Target Fortitude Reinsurance
Sector Insurance
Buyer(s) The Carlyle Group
Alberta Investment Management
T&D Holdings
Sellers(s) AIG
Deal Type Divestiture
Deal Value 1.8B USD
Advisor(s) Sidley (Legal)

Target

Fortitude Reinsurance

Pembroke, Bermuda
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.

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Buyer(S) 3

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 621 of 744
Sector (Insurance) 10 of 15
Type (Divestiture) 65 of 72
Country (Bermuda) 3 of 4
Year (2018) 12 of 25
Size (of disclosed) 40 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-01 Tessara

Cape Town, South Africa

Tessara is a manufacturer of sulfur dioxide sheets, which are used to preserve fresh produce during export. Its flagship product is Uvasys, a SO2-based sheet, primarily used to protect table grapes against Botrytis infection, which is responsible for almost 50% of all post-harvest agricultural loss. Uvasys also enhances transportation, export and storage of grapes. Tessara was founded in 1985 and is based in Cape Town, South Africa.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-16 Leyou

Beijing, China

Leyou is a maternal and child retail industry. Leyou provides families aged 0-6 with safe and healthy maternal and child products, an extremely convenient shopping experience, and professional services that are friendly to customers with the original intention of "letting parents worry-free parenting and letting beauty accompany their children to grow up". Leyou was founded in 1999 and is based in Beijing, China.

Sell -
Buyer

Alberta Investment Management

Investor Investor Investor Investor Investor

Category Pension
Founded 2008
PE ASSETS 4.5B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.

DEAL STATS #
Overall 15 of 30
Sector (Insurance) 2 of 2
Type (Divestiture) 3 of 5
Country (Bermuda) 1 of 1
Year (2018) 3 of 4
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-04 Fortra

Eden Prairie, Minnesota, United States

Fortra provides security, systems and network management, automation, business intelligence and compliance solutions. The Company’s software and services monitor and automate processes, encrypt and secure data, and provide access to the information that large organizations need every day. Fortra was founded in 1982 and is based in Eden Prairie, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-13 Eolia

Madrid, Spain

Eolia is an independent power producer in the Spanish renewable energy sector, engaged in the development, construction and operation of wind farms and solar photovoltaic plants. Eolia was founded in 2007 and is based in Madrid, Spain.

Buy -
Buyer

T&D Holdings

Tokyo, Japan
Category Company
Founded 2004
Sector Insurance
Employees20,408
Revenue 2.30T JPY (2024)
DESCRIPTION

T&D Holdings is a holding company mainly engaged in the life insurance business. T&D Holdings was founded in 2004 and is based in Tokyo, Japan.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
Country (Bermuda) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

AIG

New York, New York, United States
Category Company
Founded 1919
Sector Insurance
Employees25,000
Revenue 47.3B USD (2023)
DESCRIPTION

AIG is an international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. American International Group was incorporated in 1919 and is based in New York City.

DEAL STATS #
Overall 17 of 20
Sector (Insurance) 13 of 16
Type (Divestiture) 17 of 19
Country (Bermuda) 1 of 2
Year (2018) 2 of 2
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-02 NSM

Conshohocken, Pennsylvania, United States

NSM is a full-service MGA and program administrator for specialty property & casualty insurance. The company places insurance in niche sectors such as special transportation, social services, real estate, and pet. On behalf of its insurance carrier partners, NSM typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance, and claims. NSM was established in 1990 and is headquartered in Conshohocken, Pennsylvania.

Sell $388M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-21 Glatfelter Insurance Group

York, Pennsylvania, United States

Glatfelter Insurance Group is a full-service broker and insurance company providing services for specialty programs and retail operations. Glatfelter Insurance Group was founded in 1951 and is based in York, Pennsylvania.

Buy -
Mergr

Product

Company

Legal