Fortitude U.S. Reinsurance Company is a big player in the reinsurance industry, that provides risk management and financial solutions to clients. The company is recognized for its commitment to giving a stable reinsurance service.
Fortitude U.S. Reinsurance Company, or FRC, is part of Fortitude Group Holdings, LLC, a reinsurance group based in Bermuda.
FRC is a licensed reinsurance company in the United States, mainly dealing in legacy Life and annuity and P&C lines.
The company is skilled at handling complex legacy liabilities and is supported by a group of experienced, long-term institutional investors, including The Carlyle Group and T&D Insurance Group.
Brief History of Fortitude U.S. Reinsurance Company
Fortitude U.S. Reinsurance Company (FRC) was once called Rx Life Insurance Company, a life and annuity insurer in Arizona.
In January 2022, Fortitude Re, a reinsurer from Bermuda, took over Rx Life Insurance Company and changed its name to Fortitude U.S. Reinsurance Company. This move helped Fortitude Re grow its presence in the United States and offer clients a US-based reinsurance option.
FRC’s story starts in 2017 when Fortitude Re was created through a partnership between The Carlyle Group and T&D Insurance Group.
Initially, the focus was on getting and managing legacy insurance portfolios from American International Group, Inc. (AIG). In 2021, Fortitude Re grew its business by acquiring the variable annuity business from Prudential Financial, Inc.
Contact Details
| Office Location | Phone Number |
|---|---|
| 10 Exchange Place, Suite 2210, Jersey City, NJ 07302 | (629) 216-3615 34 |
| 227 West Monroe Street, Suite 3775, Chicago, IL 60606 |
Services and Products of Fortitude U.S. Reinsurance Company
Fortitude U.S. Reinsurance Company (FRC) focuses on giving reinsurance solutions for legacy Life and annuity and P&C lines. They offer various products and services, including:
Life & Annuity Reinsurance:
- Reinsurance for life and annuity blocks
- Managing risks related to mortality and morbidity
- Structured reinsurance transactions
P&C Reinsurance:
- Reinsurance for excess workers’ compensation
- Products covering pollution liability
- Handling environmental losses from incidental liability
- Covering healthcare, commercial auto (buffer trucking), and other casualty areas (including certain occupational accident and public entity excess liability, and exposures from run-off divisions)
Additionally, FRC provides services like risk management consulting, actuarial services, and claims administration.
Premium Costs
Fortitude U.S. Reinsurance Company (FRC) decides premium costs case by case, considering factors like the risk type, the company’s financial strength, and market conditions.
Payment Options
FRC provides payment options like monthly, quarterly, and annual payments. They also give discounts for substantial reinsurance purchases, and occasional promotional offers might be available.
Discounts and Promotional Offers of Fortitude U.S. Reinsurance Company
Fortitude U.S. Reinsurance Company may offer discounts and promotional offers based on specific agreements and market conditions. Clients are encouraged to inquire about any available discounts or special promotions.
Process of Filing Claims
To initiate a claim with Fortitude U.S. Reinsurance Company, clients typically follow a structured process:
- Report the Claim: Notify the company promptly about the claim, providing essential details.
- Documentation: Gather necessary documentation supporting the claim, such as loss details, contracts, and other relevant information.
- Claim Submission: Submit the claim through the designated channels, which may include online platforms, email, or mail.
- Evaluation: The company conducts a thorough evaluation of the claim, which may involve additional communication with the client.
- Claim Settlement: If the claim is deemed valid, Fortitude U.S. Reinsurance Company works towards a fair and timely settlement.
Ratings of Fortitude U.S. Reinsurance Company
A.M. Best, a global rating agency, gives Fortitude U.S. Reinsurance Company (FRC) an A- (Excellent) rating, showing a strong ability to meet its reinsurance obligations. S&P Global Ratings, another global agency, rates FRC as A+ (Strong), indicating high creditworthiness.
Reviews
Clients generally have positive reviews for FRC, praising its expertise, financial strength, and customer service commitment. While some mention high premium costs, clients feel they receive good value overall.
Complaints
FRC receives few complaints, often about communication and claims processing delays. However, the company resolves complaints quickly.
Resolutions
FRC’s special team for helping customers makes sure to quickly solve any problems. They have a simple process for fixing issues and keep clients updated along the way.
Affiliations and Partnerships of Fortitude U.S. Reinsurance Company
Fortitude Group Holdings, LLC:
Fortitude Group Holdings, LLC, FRC’s parent company, is a top reinsurance group globally. It provides FRC with capital, expertise, and distribution channels.
The Carlyle Group:
The Carlyle Group, a big investment company, supports FRC financially and gives them helpful advice as a major investor in Fortitude Group Holdings.
T&D Insurance Group:
A leading provider of life and annuity products in the U.S., T&D Insurance Group gives FRC access to new business opportunities and distribution channels.
AIG:
FRC and AIG, a big insurance company, have a strong and lasting partnership. FRC has taken over old insurance portfolios from AIG, and they continue to work together on different projects.
Prudential Financial, Inc.:
In 2021, FRC acquired the variable annuity business from Prudential Financial, Inc., expanding its product offerings and gaining access to a new customer base.
Apart from these key partnerships, FRC maintains relationships with other insurance and financial services companies. These connections keep FRC updated on industry trends, and best practices and foster collaboration on innovative products and services.
Benefits of Joining Fortitude U.S. Reinsurance Company
- Financial Stability: Benefit from the company’s strong financial standing.
- Comprehensive Reinsurance Solutions: Access a diverse range of reinsurance products and services.
- Flexible Payment Options: Choose between monthly and annual payment plans.
- Potential Discounts: Take advantage of available discounts and promotions.
- Efficient Claims Process: Have a smooth and organized way to report and resolve claims.
FAQs
- How can I contact Fortitude U.S. Reinsurance Company?
- What types of reinsurance products does the company offer?
- Are there any discounts or promotions available?
- What is the process for filing a reinsurance claim?
- Can clients choose between monthly and annual premium payments?
Conclusion
Fortitude U.S. Reinsurance Company (FRC) stands out as a significant player in the reinsurance industry, giving important risk management and financial solutions. Recognized for its commitment to delivering stable reinsurance services, FRC operates as part of Fortitude Group Holdings, LLC, a reputable reinsurance group headquartered in Bermuda.
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