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Fortitude Re buys Dayforward’s assets to form Fortitude Life
The deal transfers Dayforward’s tech and distribution setup for annuity partners, while excluding Dayforward’s legacy insurance entities, policies, and liabilities.
Fortitude Re, formed by FGH Parent, L.P. and its subsidiaries, has acquired nearly all of the assets of Dayforward, a digitally native insurance technology company, in a transaction that will create a renamed entity called Fortitude Life, according to Reinsurance News.
The acquisition includes Dayforward’s technology platform, distribution agreements, intellectual property, and its licensed insurance agency and team, while excluding Dayforward’s insurance entities, and the associated legacy policies and liabilities.
Dayforward, founded in 2020, built a platform designed to support annuity distribution partners, covering the full policy lifecycle including agent onboarding, application processing, issuance, commission payments, and servicing.
Fortitude Re said the newly formed entity will operate as a subsidiary of Fortitude Re, with Dayforward’s team continuing to lead the business and working alongside Fortitude Re resources, and noted that it will complement Fortitude Re’s underwriting, ALM, and investment expertise.