Fortitude Re this week celebrated the completion of a $2 million renovation project at their Chesney House, Pitts Bay Road headquarters.

They marked the modernisation of their open-plan workspace with a cocktail reception attended by Jason Hayward, the Minister of Economy and Labour, and senator Arianna Hodgson, the Junior Minister for Labour, Finance and Health.

Fortitude Re, first licensed in 2017, employs 38 people in Bermuda, with plans for further additions in the coming months.

To accommodate this rapid growth, the company doubled its workspace footprint.

The company, which recently announced a $28 billion reinsurance transaction with Lincoln Financial Group, is one of Bermuda’s largest composite insurers and is backed by a consortium of investor groups led by The Carlyle Group and T & D Insurance Group.

Speaking at the company’s reception, Brian Schreiber chairman of the Fortitude Re board of directors, welcomed guests, and said: “Fortitude Re has set ambitious growth targets and as demonstrated by our recently announced transaction with Lincoln Financial Group, we are making significant progress against those goals.

“This office space expansion will help us accommodate that growth and we intend to continue investing in the people and insurance market here in Bermuda.”

Chief executive officer Alon Neches said the significant investment they have made in their office and their people demonstrates the confidence they have in their growth agenda, and also their commitment to Bermuda.

“The island has been our home since inception,” he said. “We strongly believe in supporting our local communities through employment opportunities, corporate donations, scholarships and mentoring programmes.”

Mr Hayward congratulated Fortitude Re.

He said: “The Government’s aim is to create business ecosystem that allows companies to thrive.

“It is clear that Bermuda’s value proposition continues to attract companies to the jurisdiction and supports their operational objectives.

“A key feature of the government’s economic development strategy is local and international business retention and expansion, and Fortitude Re is a perfect example of the type of expansion activity the Government aims to facilitate.”