Fortitude Re, a multi-line composite reinsurer, completed the acquisition of the PALAC block, an in-force legacy variable annuity block, of Prudential Financial, a financial services provider, for $1.5bn. “Closing on this transaction marks a significant milestone for Fortitude Re. We have demonstrated to Prudential, its policyholders and other stakeholders that our commitment to capital strength, a professional client experience and deep liability expertise can help our insurance clients achieve their strategic goals. We will continue to build our capabilities in partnership with Carlyle, enabling us to take on industry-shaping transactions, and to continue on our journey towards becoming a leading provider of solutions to global insurers," James Bracken, Fortitude Re CEO.