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...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....
...Private capital managers use Bermudian operations to reinsure life insurance and annuity business from companies that they already own as well as from rivals....
...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...Private capital groups have swept into life insurance since the financial crisis, with firms as big as Apollo, Blackstone and KKR either acquiring life insurers — providers of annuities and other products...
...Its share price and that of bigger rival L&G have snaked sideways for more than a year. Just trades at a 60 per cent discount to book value. Its life insurance peers are closer to parity....
...But debt markets present a bigger opportunity than equity markets and insurance has proved to be a reliable source of fee-paying permanent capital....
...’s life....
...Zurich, one of Europe’s biggest insurers, struck a deal to sell its German legacy life insurance back book — including annuity and endowment products — to Viridium in 2022....
...Some bulk annuity providers such as Aviva and Legal & General are part of broader groups offering other types of insurance and investments but PIC, founded in 2006, is a privately owned specialist in the...
...A-Cap controls life insurers based in Utah and South Carolina. A-Cap chief executive Kenneth King late last month told insurance agents that AM Best’s downgrade was unwarranted....
...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....
...In 2019 Standard Life was fined £30mn for mis-selling annuities to customers over the phone between 2008 and 2016....
...capital, it’s possible to buy a purchased life annuity (PLA) using a cash lump sum....
...This means that offloading liabilities, and the assets backing them, to insurance companies is becoming a viable option for more businesses....
...Canada Life reported annuity sales doubling to £441mn in the first half of the year, compared with the same period in 2022....
...“People hear pay cheque for life, they think ‘great’. Then they hear the word annuity,” Ackerly said....
...Private capital groups such as Apollo, KKR and Brookfield have swept into the life insurance sector since the financial crisis, buying insurers and reinsurers or striking asset-management partnerships....
...I have asked our financial adviser if it would be worth my husband buying an annuity with some of his invested Sipp given its mediocre performance and the high annuity rates currently available....
...which is owned by MassMutual, one of America’s biggest life insurers....
...But even in the new world of shareholder activism and governance pressure, no deal trumps the shock and disbelief that rippled across corporate Japan last week when Dai-ichi Life Insurance suddenly threw...
...and bulk annuity sales....
...But we got there in the end and here it is now, for your wintertime pleasure, and as a little insurance policy for us against losing this recipe again....
...So it’s perhaps no surprise that insurance companies are reporting much bigger sales of annuities....
...of Athene, Apollo’s life insurance and annuities subsidiary....
...Barings said that in early March more than a dozen employees resigned for Corinthia, alongside global private finance co-heads Fowler and Adam Wheeler....
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