Debevoise & Plimpton LLP has advised Carlyle (NASDAQ: CG) in raising $2.1 billion in equity capital for Fortitude Re from existing investors, and in the formation of a strategic advisory services agreement with Fortitude Re through a newly formed insurance advisor, Carlyle Insurance Solutions Management L.L.C. It is expected that the new agreement with Fortitude Re will increase Carlyle’s fee-earning assets under management by $50 billion and incremental annualized fee related earnings by $50 million, each effective April 1, 2022. For more information, see the company’s press release.
Fortitude Re includes Bermuda’s largest multi-line composite reinsurer with unique competitive advantages and expertise to design bespoke transactional solutions for legacy Life & Annuity and P&C lines.
The Debevoise team is led by M&A insurance partner Alexander Cochran, investment management partner Jonathan Adler and counsel Cate Bae and includes M&A insurance counsel Megan Arrogante and associate Kasaundra Barney, investment management partner Marc Ponchione, counsel Sheena Paul and associates Meir Cohen and Brett Johnson, tax partners Erin Cleary and Peter Furci and associate Adam Namm, employee benefits partner J. Michael Snypes Jr. and associate Charity Brunson, CFIUS regulatory partner Ezra Borut, and intellectual property partner Henry Lebowitz and of counsel Jeffrey Cunard.