Fortitude Re and Carlyle launch $700m Asia reinsurance sidecar

Written by Adam Cadle

22/10/2025

Fortitude Re and global investment firm, Carlyle, have announced the launch of reinsurance sidecar, FCA Re.

FCA Re is a Class E licensed Bermuda-domiciled reinsurer established to accelerate Fortitude Re’s growth in the Asian life and annuity market. It will initially assume a share of existing liabilities from Fortitude Re and will also reinsure a share of Fortitude Re’s future transactions in Asia.

FCA Re has more than $700m in deployable capital, including equity and expected debt capacity, and has secured equity commitments from Fortitude Re, Carlyle, and a group of global institutional investors including T&D Insurance Group, AllianceBernstein, Shinhan Life, and National Pension Service of Korea (NPS), among others.

Fortitude Re will serve as insurance sponsor and Carlyle will serve as asset management sponsor to FCA Re. Once its capital is fully deployed, FCA Re is expected to add approximately $10bn of fee-earning assets under management to Carlyle.

“Fortitude Re has already reinsured approximately $15bn in reserves on behalf of clients in Asia and we are dedicated to making further investments in the region,” said Alon Neches, CEO of Fortitude Re.

“FCA Re will help us continue delivering solutions that drive our clients’ strategies forward.”

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