Fortitude Re’s parent company, FGH Parent, has acquired Dayforward, an insurtech company whose digital platform supports annuity providers across the policy lifecycle. The transaction adds technology and distribution capabilities to Fortitude Re’s insurance operations.
FGH Parent said the acquisition supports Fortitude Re’s long-term strategy to build capabilities across a broader range of insurance channels.
Dayforward, founded in 2020, has developed an integrated platform covering agent onboarding, application processing, policy issuance, commission payments and in-force servicing.
The acquisition includes Dayforward’s technology platform, distribution agreements, intellectual property, licensed insurance agency and employees. Dayforward’s insurance entities, along with legacy policies and associated liabilities, aren’t part of the transaction.
The business will operate through a newly formed entity called Fortitude Life, a subsidiary of Fortitude Re. Dayforward’s existing team will continue to lead the operation following the acquisition.
The Dayforward team has built a set of technology capabilities that perfectly complement our underwriting, asset-liability management and investment expertise
Alon Neches, CEO of Fortitude Re
Neches said the combination gives Fortitude Re additional ways to originate and manage business while maintaining its existing approach to underwriting and risk management. He also pointed to Dayforward’s digital capabilities and Fortitude Re’s capital and insurance expertise as complementary parts of the deal.
Dayforward CEO Aaron Shapiro said the company was founded to modernise how annuities are issued, administered and delivered to consumers. Joining Fortitude Re gives Dayforward access to a larger capital base and institutional insurance expertise as it expands the platform.
Joining Fortitude Re gives us the capital foundation and institutional expertise to scale that vision at a pace we could not have achieved on our own
Shapiro added that Fortitude Re’s approach to risk management and long-term policyholder commitments matched the way Dayforward had developed its business.
Fortitude Re is a Class 4 Bermuda long-term reinsurer backed by investors including Carlyle and T&D Insurance Group. The company combines reinsurance, asset-liability management and investment operations across its business.
Willkie Farr & Gallagher LLP served as legal adviser to Fortitude Re on the transaction.
