Fortitude Re

active

Insurance / Reinsurance — Carlyle / T&D Holdings

Deal Terms

Entry Year2020

Entry EV$1.8B

Entry Multiple5x

Leverage3x

Debt Amount$0.54B

Risk Metrics

LTV (est.)30%

Debt / EV0.30x

Notes

Carlyle/T&D bought 76.6% from AIG for $1.8B (2020). $106B total assets (Dec 2024). Carlyle raised $2.1B additional equity. Reinsures closed blocks of life/annuity policies. Carlyle manages the investment portfolio — directing reserves to Carlyle-affiliated funds. Bermuda-domiciled. Acquired Prudential annuity unit. PE capturing insurance float at industrial scale.

Sponsor

Carlyle Group$435B AUM