American International Group (AIG) and The Carlyle Group stated that Carlyle completed its acquisition of a 19.9% stake in Fortitude Re.
The transaction was first announced on 1 August this year and closed following receipt of regulatory approvals and satisfaction of other customary closing conditions.
Fortitude Re’s new name represents the company’s focus on and expertise in managing long-dated, complex risks.
Fortitude Re CEO James Bracken said: “We are hard at work building Fortitude Re for long-term success. The closing of Carlyle’s investment and brand launch are two key milestones on that journey.”
Carlyle global financial services partners co-head and managing director Brian Schreiber said: “We look forward to working with our partners at AIG and Fortitude Re to grow the business and extend Carlyle’s asset management platform.”
Source: Company Press Release