AllianceBernstein makes strategic investment focused on Asian insurance market

AllianceBernstein (AB) plans to expand its insurance presence across Asia through an equity investment in Fortitude Carlyle Asia Reinsurance, a reinsurance entity created by Fortitude Re. AB has been named as one of the lead investors in FCA Re, a reinsurance sidecar vehicle focused on Asian liabilities. As part of this transaction, AB intends to manage private alternative assets for FCA Re and will also appoint a member to the FCA Re Board of Directors. FCA Re, a Class E licensed Bermuda-domiciled reinsurer, will initially assume a share of existing liabilities from Fortitude Re and will also reinsure a share of future transactions in Asia.