Carlyle Group and T&D, a Japanese insurer, completed the acquisition of a 76.6% stake in Fortitude, a composite reinsurer that focuses on managing long-dated risks, from American International Group, a global insurance company, for c. $1.8bn. “Despite increasing uncertainty due to the Covid-19 outbreak around the globe, the successful completion of this transaction is significantly meaningful for T&D and a strategically important step towards continued growth of Fortitude Re and our future business collaboration. T&D will focus on supporting Fortitude Re by contributing our expertise in life insurance business in Japan to create synergies with our domestic life insurance business as well as to diversify our business portfolio. We look forward to working together with Fortitude Re, AIG and Carlyle in the closed block business,” Hirohisa Uehara, T&D Representative Director and President.