Leadership shake-up at Fortitude Re: CEO exits, ex-AIG/Carlyle veteran takes helm
Bermuda-based multi-line reinsurer Fortitude Re has revealed a new chief executive officer (CEO) to replace James Bracken who is stepping down to pursue other opportunities after more than four years of leading the business.
The company said the move is the result of a succession planning process through which the board of directors concluded that a leadership transition will support Fortitude Re’s future growth and consolidation of its position in the global insurance market.
Alon Neches (pitured) is appointed as the new president and CEO of Fortitude Re. He will also join the company’s board of directors. Bracken will be available to assist during the transition period.
Under Bracken’s leadership, Fortitude Re was carved out of American International Group (AIG) and has evolved into an independent reinsurance franchise with a strong balance sheet.
Neches is an insurance industry veteran with over 20 years of experience as an operator, investor and advisor in regulated industries. He has deep knowledge of Fortitude Re’s business, having held various senior executive roles at AIG, including global treasurer and head of corporate development, where he was involved in the creation of Fortitude Re.
Neches joins from global investment firm Carlyle where he was a partner and managing director in Carlyle Insurance Solutions. In his role at Carlyle, he has worked closely with Fortitude Re’s senior management in building the business.
Brian Schreiber, chairman of the board of Fortitude Re, said: “This transition is a natural step in Fortitude Re’s growth and, following a rigorous search, we are thrilled to welcome Alon Neches as CEO. Alon knows the business extremely well and is a proven leader with deep sector expertise and, crucially, a robust track record of value creation. The Board is grateful for James’ leadership during Fortitude Re’s foundational years.”
Tomoyasu Isobe, representative director and president of T&D United Capital Co., Ltd., said: “Alon is a well-known and highly regarded leader in the insurance space and we have seen his significant involvement and contribution to Fortitude Re from its establishment. We believe he is the ideal candidate to deliver on the potential we see in the years ahead. James has been a strong partner during the creation and growth of Fortitude Re and we thank him for his tremendous efforts.”
Neches commented: “It is a privilege to have the opportunity to work even more closely with Fortitude Re’s talented management team. With nearly $7 billion in capital, the trust of our counterparties whose nearly 5 million policies we administer, and the support of our strategic partners at Carlyle and T&D and of our great investors, Fortitude Re is uniquely positioned to help our clients achieve their risk, capital and growth ambitions. Having been part of Fortitude Re’s journey from day one, I am deeply familiar with the business, its people, and their dedication to serving our clients and their policyholders. My commitment to all our stakeholders is that we will continue to work tirelessly to achieve Fortitude Re’s immense potential as partner of choice for the global insurance industry.”
Bracken added: “I am proud of what our team has accomplished and I would like to thank Fortitude Re’s Board and our investors for their support and guidance during my tenure as CEO, as well as all of my colleagues at Fortitude Re for their hard work and professionalism.”
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