Fortitude Re acquires Dayforward

Fortitude Re announced its acquisition of substantially all of the assets of insurance startup Dayforward through a newly formed entity that will be renamed Fortitude Life.

Founded in 2020, Dayforward originally launched to offer life insurance and it acquired a licensed carrier. The startup later introduced an enterprise offering for carriers and last year it shut down its consumer business. Dayforward publicly disclosed $45 million in funding.

The transaction includes Dayforward’s technology platform, distribution agreements, intellectual property, licensed insurance agency and employees. It does not include Dayforward’s insurance entities or the legacy policies and liabilities associated with them. The newly formed entity will operate as a subsidiary of Fortitude Re, with Dayforward’s team continuing to lead the business with the benefit of Fortitude Re’s resources and capabilities.

“The Dayforward team has built a set of technology capabilities that perfectly complement our underwriting, ALM and investment expertise. Partnering with Dayforward strengthens our ability to originate and manage business in new ways while preserving the disciplined approach that has guided Fortitude Re’s growth. We look forward to combining Dayforward’s entrepreneurial energy and digital capabilities with Fortitude Re’s capital strength and insurance expertise.” – Alon Neches, CEO, Fortitude Re.

“We founded Dayforward to modernize how annuities are issued, administered and delivered to consumers. Joining Fortitude Re gives us the capital foundation and institutional expertise to scale that vision at a pace we could not have achieved on our own. Fortitude Re’s approach to risk management and its long-term commitment to policyholders align closely with how we have built this business, and we look forward to building on that shared foundation together.” – Aaron Shapiro, CEO, Dayforward.