Carlyle has raised $2.1 billion for Fortitude Re from existing investors, including strategic co-investor T&D Insurance Group.

Fortitude Re is an independent company backed by investor groups led by The Carlyle Group and T&D Insurance Group. The firm includes one of Bermuda’s largest multi-line composite reinsurers to design transactional services for legacy life & annuity and P&C lines.

Carlyle has entered into a new strategic advisory services agreement with Fortitude Re through a new insurance advisor, Carlyle Insurance Solutions Management, which will provide Fortitude Re with M&A, transaction origination, and capital management services. Carlyle is an investment firm that deploys private capital across three business segments: global private equity, global credit, and global investment solutions.

Mark Jenkins, head of global credit at Carlyle, said, “Our approach is all about creating alignment and building a structure that benefits Carlyle, Fortitude Re, our investors and Fortitude Re’s policyholders. These transactions position us to accelerate Fortitude Re’s growth while meaningfully increasing Global Credit AUM and FRE to deliver shareholder value.”

Debevoise & Plimpton LLP acted as legal counsel to Carlyle.