Backed by a consortium of institutional investors led by The Carlyle Group and T&D Insurance Group, Fortitude Re was known as DSA Re when AIG was majority-owned. In his previous roles as Corporate Head of Development at AIG, Neches was involved in the founding of Fortitude Re. The new CEO comes from Carlyle, who was managing director of Carlyle Insurance Solutions. In that post, Neches worked with senior management at Fortitude Re to build a multi-line reinsurance company.
“We are honored to have the opportunity to work even more closely with Fortitude Re’s talented management team,” he commented. “With nearly US$7 billion in capital, counterparty trust managing nearly five million policies, strategic partners from Carlyle and T&D, and the support of great investors, Fortitude Re will help clients reach their goals. We are uniquely positioned to support: risk, capital and growth ambition.
“Having been involved in Fortitude Re’s efforts from day one, I am well aware of the business, its people and their dedication to serving our clients and their policyholders. My commitment is to work tirelessly to realize Fortitude Re’s immense potential as the partner of choice for the global insurance industry.”
Tomoyasu Isobe, President and CEO of T&D United Capital, cites Mr. Nechesz’s significant involvement and contributions since the founding of Fortitude Re. “We believe he is an ideal candidate to realize his future potential,” Isobe affirmed. “James has been a strong partner in the creation and growth of Fortitude Re and we thank him for his tremendous efforts.”
Meanwhile, Bracken said he is proud of what Fortitude Re has achieved and thanked the board, investors and former colleagues. Former Chiefs are available to assist with leadership transitions.
Fortitude Re Selects Successor CEO and President
Source link Fortitude Re Selects Successor CEO and President