The three main operating subsidiaries of Bermuda-based Fortitude Reinsurance Company Ltd. (Fortitude Re) have been assigned A3 Insurance Financial Strength Ratings by Moody’s, with a stable outlook.
The rating actions concern Fortitude Reinsurance Co. Ltd., Fortitude International Reinsurance Co. Ltd., and Fortitude Life Insurance and Annuity Co.
As well as these assignments, Moody’s also assigned a Baa2 Long-Term Issuer Rating to FGH Parent, L.P., Fortitude’s holding company, also with a stable outlook.
This announcement follows Fitch Ratings’ upgrade of Fortitude Re’s outlook from stable to positive last month, highlighting its financial strength and growth potential.
Fitch reaffirmed BBB+ Insurer Financial Strength Ratings for Fortitude Reinsurance Co. Ltd. and Fortitude Life Insurance and Annuity Co., as well as a BBB Issuer Default Rating for FGH Parent, L.P.
Both Moody’s and Fitch emphasised Fortitude Re’s notable growth in global block and flow reinsurance, increasing business diversification, robust capital reserves, and consistent, expanding profitability as key factors behind their ratings.
“These positive ratings underscore our commitment to delivering a high-value and high-quality experience to our clients and the policyholders we serve,” added Alon Neches, CEO, Fortitude Re. “We are pleased to see our performance recognised by these agencies and look forward to continuing our upward ratings trajectory.”
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