The rise of FABNs: what Fortitude Re’s $500m debut means for Bermuda

Fitch Ratings reported new record highs in the first half of 2025 for the issuance of funding agreement-backed notes (FABNs), with $43.2 billion placed across 24 issuers, following record activity in 2024 when issuance reached $58 billion.

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The rise of FABNs: what Fortitude Re’s $500m debut means for Bermuda

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