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Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. In 2016, AIG created a “Legacy” portfolio as a separate non-core segment representing insurance reserves associated with discontinued lines of commercial Property & Casualty and Life & Annuity insurance businesses. The following year, AIG formed a Bermuda-domiciled composite reinsurer, now Fortitude Re, to house the Legacy portfolio in a separate, distinct, well-capitalized balance sheet with a dedicated management team. In 2018, the company entered into a series of L&A and P&C reinsurance transactions with AIG and received an initial capitalization of ~$3 BN. The transactions represented ~$37 BN of reserves supported by ~$40 BN of invested assets. During this time, AIG also entered into a long-term partnership with The Carlyle Group, with Carlyle acquiring 19.9 % ownership. Then in 2019, The Carlyle Group and T&D announced acquisition of majority interest in Fortitude Re from AIG. This allowed for a new long-term shareholder base for the company while maintaining a strong capital position for supporting reinsurance obligations. Click here for more information about Fortitude Re.
Your future team
Fortitude Re: In 2016, AIG created a third reporting segment, Legacy, to manage non-core assets and liabilities, and businesses in run-off, with the objective of balancing the benefits of return of capital or capital redeployment, with potential near-term reductions in book value.The launch of the Fortitude Re entity in 2017 (formally DSA Re) was an important early step in achieving that objective.AIG continued the Fortitude Re strategy by announcing a strategic partnership with The Carlyle Group to achieve the long-term vision for Fortitude Re.Fortitude Re currently reinsures $36 billion of AIG’s Legacy Life and Annuity and General Insurance liabilities. Fortitude Re’s diversified risk portfolio, strong claims operation, and efficient administration capabilities provide the foundation for a platform that can be scaled over time to offer unique solutions to external parties.AIG and Carlyle plan to build Fortitude Re into a standalone platform with financial strength that complements its strategically differentiated capabilities.For more information, please visit (url removed)
The AVP, Policy Servicing is responsible for a broad range of critical activities, ranging from strategic planning for our in-force block of policies, ensuring key operating metrics are achieved, as well as providing leadership on key projects. This role will lead domestic and off shored based processing and specialty teams in our Manila and Nashville offices, ensure adherence to SLA’s, while strengthening our business continuity position with a multi-site staffing model. This position will also lead efforts to reengineer the way we process business and look to enhance the customer experience while effectively managing resources and costs.This role will report to our Vice President of Life & Annuities Operations.
Your contribution at Fortitude Re:
The quality of Leadership is a defining factor for a company’s success. Leaders are responsible for developing business strategies and/or translating those strategies into meaningful outcomes and ultimately, business results. As a Leader within Fortitude Re, you reach across geographical and functional boundaries to create alliances that further the organization’s objectives and market position. Your deep and broad industry knowledge allows you to foresee external conditions that could potentially affect the company’s future.
What we are looking for
It has been and will continue to be the policy of Fortitude Group Holdings, LLC, its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability, or any other legally protected categories.
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
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