AM BEST ASSIGNS RATINGS TO FORTITUDE RE

AM Best has assigned a financial strength rating of A to Fortitude Reinsurance Company, the run-off reinsurance vehicle previously owned by American International Group (AIG). The outlook assigned to the ratings is stable. The ratings reflect Fortitude Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management, AM Best said. Fortitude Re was created to reinsure the legacy property/casualty and life business of AIG. In 2020 the US insurer sold its majority interest in Fortitude Re to The Carlyle Group and T&D Holdings. As an independent entity, Fortitude Re is one of the largest run-off reinsurers in the Bermuda market. It also benefits from an established operating platform and a quality management team with a “solid track record” managing the types of business that Fortitude Re now seeks to transact with third parties.