T&D Holdings invests $250m in Carlyle reinsurance sidecar

T&D Holdings, Inc. announced on October 21, 2025, that its wholly owned subsidiary, T&D United Capital Co., Ltd., has agreed to invest up to $250 million in Carlyle FCA Re, L.P. This vehicle will serve as the parent of Fortitude Carlyle Asia Reinsurance Ltd., a newly formed Bermuda-based reinsurance company.

This new company is designed to reinsure a portion of the insurance business previously reinsured by a subsidiary of FGH Parent LP (Fortitude), an equity-method affiliate of T&D. Carlyle and Fortitude have also made substantial investments in the vehicle.

This capital commitment is expected to make the vehicle an equity-method affiliate of T&D Holdings from the third quarter of the fiscal year ending March 31, 2026. T&D Holdings confirmed that this investment does not necessitate a revision to its earnings forecasts for the fiscal year ending March 31, 2026. The company stated it would promptly disclose any future impact on its consolidated financial results upon identification.