Fortitude Reinsurance Company Ltd has signed a $28 billion reinsurance agreement with the Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation and its affiliates.

Lincoln will reinsure a significant portion of its universal life insurance and fixed annuity business to Fortitude Re, upon receipt of regulatory approvals.

Lincoln will continue to service and administer the reinsured policies.

Alon Neches, CEO of Fortitude Re, commented: “With today's announcement, Fortitude Re has again demonstrated why we are the preferred choice for insurers who seek solutions instead of transactions and who want to work with partners instead of counterparties.

“We are grateful for the trust that Lincoln has put in Fortitude Re and to the teams at both firms who have collaborated intensively and worked tirelessly to reach this milestone.”

Brian Schreiber, the chairman of the Fortitude Re board of directors, added: “This agreement is a great example of how Fortitude Re leverages its strong balance sheet, asset origination capabilities and deep insurance expertise to deliver value-enhancing solutions to our clients.”

Fortitude Re describes itself as Bermuda’s largest multiline insurer and is backed by the Carlyle Group and T&D Insurance Group.

Its website says it works with insurance companies to help them execute comprehensive, transformational solutions for legacy life & annuity and property and casualty lines.

In 2022 it raised an additional $2.1 billion from investors.