The Association of Insurance and Reinsurance Run-Off Companies (AIRROC) has selected Fortitude Re as the recipient of their annual award for 2022. This is the 18th year that AIRROC has bestowed this annual award.
The award was announced on October 17 at AIRROC’s 18th Annual Legacy Transactions Forum in Jersey City, New Jersey. This award is presented each year to recognize those who have had a significant impact on the run-off industry.
This year the AIRROC selection committee chose to recognize the Fortitude Re team for their significant efforts. Special recognition was also given to James Bracken who led the Fortitude Re team through their formation stages and made great strides to set them up for success.
In presenting the award, Carolyn Fahey, the Executive Director of AIRROC, acknowledged the progress that has been made. Of all the new entrants into the legacy space in the last several years, Fortitude Re and its investors have brought significant capital into the market while completing some key transactions, and simultaneously building out their service platform. “The award was created so that AIRROC can recognize significant impacts in the legacy sector of the insurance industry. Nothing incredible happens without a talented team and James Bracken and the management of Fortitude Re have had the vision to deliver great progress.”
Jack McGregor, Fortitude Re’s Chief P&C Reinsurance Officer, accepted the award on behalf of Fortitude Re. In his remarks he expressed deep gratitude for the AIRROC board’s recognition of the Fortitude Re team’s efforts and accomplishments, mentioned the tremendous opportunities on the horizon for the broader sector as legacy transactions become increasingly recognized and embraced as strategic capital and reserve management initiatives, and expressed excitement about younger, talented professionals embracing legacy as a career path – acknowledging AIRROC’s initiatives in that space. Many members of the Fortitude Re team joined Jack at the event and enjoyed the opportunity to connect with their legacy industry colleagues.
AIRROC is proud to name the team at Fortitude Re as the award winners for this year. Their vision, leadership and hard work all come together to continue to create excitement in the vibrant and growing legacy sector.
The past recipients of the AIRROC award include:
Glen Mulready (2021); Paul Corver (2020); David Scasbrook (2019); Luann Petrellis (2018); Stephen Johnson (2017); William Flaherty (2016); The Reliance Team (2015); Anna Petropolous (2014); Karl Wall (2013); Robert Sherwood (2012); Gary Lee and Andrew Rothseid (2011); Mindy Kipness (2010); Barbara Murray (2009); Dan Schwartzmann (2008); Brian Snover (2007); Oliver Horbelt (2006); Paul Dassenko (2005).
AIRROC’s vision is to be the most valued (re)insurance industry educator and network provider for issue resolution and creation of optimal exit strategies. AIRROC’s mission is to promote and represent the interests of entities with legacy business by improving industry standards and enhancing knowledge and communications within and outside of the (re)insurance industry.
About Fortitude Re
The Fortitude Re Group includes Bermuda’s largest multi-line composite reinsurer, with unique competitive advantages and expertise to design bespoke transactional solutions for Life & Annuity and P&C lines. Fortitude Re is backed by a consortium of sophisticated investor groups led by The Carlyle Group and T&D Insurance Group. Fortitude Re holds approximately $48 billion in invested assets as of December 31, 2021. For more information visit, www.fortitude-re.com. Follow Fortitude Re on LinkedIn.