The Carlyle Group has wrapped up acquisition of a 19.9% stake from American International Group (AIG) in Fortitude Group, whose group companies operate as Fortitude Re (formerly DSA Re).
Image: The AIG Towers of Los Angeles. Photo: courtesy of HanSangYoon/ Wikipedia.
The transaction was first announced on August 1, 2018, 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 has also launched its website, http://www.Fortitude-re.com, which provides more information about the organization and its leadership.
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 managing director and co-head 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