Global reinsurer FGH Parent, LP (together with its subsidiary Fortitude Re) announced that Fortitude Life Insurance and Annuity Company (FLIAC) has completed the issuance of its second financing agreement-backed notes (FABN) to institutional investors.
Fortitude Re entered the financing agreement-backed notes market in October 2025 with an initial offering of $500 million.
The most recent offering is scheduled to settle on June 12, 2026, and the notes will be issued by Fortitude Global Funding, an independent statutory trust company in Delaware, and are supported by a financing agreement issued by FLIAC.
The issuer has priced the private placement offering at US$500 million, with an aggregate principal amount of 5.50%, and the notes will mature on June 12, 2031.
Proceeds from the issuer will be used to finance the purchase of FLIAC.
The notes are rated A- by Fitch and A3 by Moody’s, consistent with FLIAC’s financial strength rating.
Alan Stewart, finance director at Fortitude Re, said: “Our second FABN offering reflects our continued engagement with fixed income investors and their confidence in Fortitude Re.
“Building on the success of our first transaction, this issuance further diversifies our funding sources, enhances financial flexibility and supports our ability to deliver sustainable value to policyholders, customers and stakeholders.”
