FGH Parent (FGP) and partners introduce a new reinsurance sidecar, Fortitude Carlyle Asia Reinsurance (FCA Re), to expand operations in Asia’s life and annuity insurance market. FCA Re, with a capital base exceeding $700m, will assume liabilities and provide reinsurance for Fortitude Re’s transactions in the Asian market.

Equity commitments for FCA Re come from Fortitude Re, Carlyle, and a consortium of international investors including T&D Insurance Group, AllianceBernstein, Shinhan Life, and NPS of Korea. Fortitude Re will sponsor the insurance while Carlyle takes on asset management responsibilities. FCA Re is expected to contribute $10bn in fee-earning assets under management to Carlyle.

Carlyle recently invested $1.3bn in Trucordia, valuing the insurance brokerage at $5.7bn. Fortitude Re closed a $4bn reinsurance deal with Taiyo Life Insurance earlier this year. The launch of the reinsurance sidecar was reported by Life Insurance International.

Read more at Yahoo Finance: Fortitude Re and Carlyle launch reinsurance sidecar