Carlyle Group Inc. (CG) said Thursday it inked a new strategic advisory services agreement with Fortitude Reinsurance Co. Ltd. that will increase its global credit unit's fee-earning assets under management by $50 billion and generate annual fee related earnings by $50 million, effective April 1. Carlyle said it formed Carlyle Insurance Solutions Management LLC, a new insurance adviser. Carlyle will contribute up to $150 million from its balance sheet as part of $2.1 billion in capital it raised to support the strategy. "Carlyle will provide Fortitude Re with M&A, transaction origination and execution, and capital management services, as well as source new growth opportunities," the private equity firm said in a statement. Shares of Carlyle Group rose 1.5% in premarket trades.
(END) Dow Jones Newswires
March 31, 2022 08:24 ET (12:24 GMT)
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