Debevoise & Plimpton LLP is advising The Carlyle Group in its partnership with T&D Holdings to acquire from AIG a 76.6 percent ownership interest in Fortitude Group Holdings, whose group companies operate as Fortitude Re, for approximately $1.8 billion. After closing, ownership interests in Fortitude Re will include Carlyle and its fund investors at 71.5 percent (including the 19.9 percent stake previously acquired by Carlyle in November 2018), T&D at 25 percent and AIG at 3.5 percent. For more information, please see The Carlyle Group’s release.
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $222 billion of assets under management as of September 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest.
American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions.
T&D Holdings, Inc. (T&D) is a publicly listed insurance holdings company of T&D Insurance Group, which is comprised of three core life insurers, Taiyo Life Insurance Company, Daido Life Insurance Company, and T&D Financial Life Insurance Company.
The Debevoise team was led by insurance partner Alexander Cochran and investment management partner Jon Adler and includes insurance associates Rebecca Sayles, Nicholas Bessette, Khrystyna Rayko, Kevin Ellis, intellectual property partner Jeffrey Cunard, corporate counsel Keith Slattery, finance partners Jeffrey Ross, Pierre Maugüé and associates Ryan Rafferty, Brett Novick and Anna Jones and law clerk Beata Aldridge, investment management partner Kenneth Berman, counsel Cate Bae and Gregory Larkin and associates Luke Eldridge and Brett Stephen Johnson, capital markets partner Matthew Kaplan and associates Temitayo NeneAqua Umoren and Benjamin Pedersen, tax partner Peter Furci, executive compensation and employee benefits partner Elizabeth Pagel Serebransky and counsel J. Michael Snypes Jr. and antitrust counsel Kyra Bromley.