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...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...Private capital managers use Bermudian operations to reinsure life insurance and annuity business from companies that they already own as well as from rivals....
...A-Cap owns five insurers: Sentinel Security Life, Haymarket Insurance and Jazz Reinsurance in Utah, as well as Atlantic Coast Life Insurance and Southern Atlantic Re in South Carolina....
...A significant part of the Signa group debt was provided by non-bank financial companies such as Dortmund-based insurer Signal Iduna, a midsized company with 12mn customers, mainly in health and life insurance...
...Regulatory scrutiny of the special risks presented by private equity ownership of life insurance companies has climbed, after Italy’s Eurovita — another life insurer majority owned through Cinven funds —...
...Private capital investors have acquired more than $900bn in life and annuity assets in western Europe and North America, according to McKinsey & Company....
...The Iowa-based company is among the largest sellers of retirement annuities, a status that made it the target of a hostile bid made jointly by Apollo Global Management and MassMutual not long after Bhalla...
...Pete Cowell, head of annuity products at Standard Life, says 65 is the average age of purchase. “There’s not a huge trend to later life annuitisation but it is creeping up.”...
...Its life insurance peers are closer to parity. One investor concern is the capital-hungry nature of bulk annuity business....
...— The Japanese Bid for Foreign Bonds After the End of Yield Curve Control (Brad Setser and Alex Etra) — Why do people let their life insurance lapse?...
...You can buy travel insurance from insurance companies, banks, travel agents, supermarkets, holiday companies and online comparison websites....
...In 2019 Standard Life was fined £30mn for mis-selling annuities to customers over the phone between 2008 and 2016....
..., which is a significant provider of home, motor and life insurance, and has more than 18mn customers worldwide....
...’s life....
...The advantages of annuities are certainty, simplicity and security — the value of having a known income for life....
...capital, it’s possible to buy a purchased life annuity (PLA) using a cash lump sum....
...But a less-followed risk is adding to unease at companies offering life and health insurance: scientists’ warnings, and research findings, that a warming climate is causing an increasing number of excess...
...Both are alumni of consultancy McKinsey and came to insurance as outsiders — Wilson’s first job in insurance was at L&G, joining from events company UBM....
...Apart from the investment manager, Kuvare also sells annuities. Blue Owl will make a separate $250mn injection into that annuities vehicle. It is worth the extra effort....
...Canada Life reported annuity sales doubling to £441mn in the first half of the year, compared with the same period in 2022....
...The private capital groups have built up substantial investments or tie-ups in the life insurance sector....
...Stranger-owned life insurance policies, known as STOLIs, were very popular in the late 2000s in spite of being illegal nearly everywhere....
...A body representing global insurance regulators has called for “enhanced supervision” of private capital-owned life insurers, citing potential “conflicts of interest” and “increased risk-taking”....
...In full-year results on Wednesday, the life insurance and asset management group reported a 45 per cent rise in new business profit — a measure of expected earnings from newly sold products — to $3.1bn,...
...increase this year, according to industry forecasts, even as politicians and consumer groups voice concern about the impact of rising costs on the millions of households reliant on a car for work and family life...
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