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...Private capital managers use Bermudian operations to reinsure life insurance and annuity business from companies that they already own as well as from rivals....
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...Private capital investors have acquired more than $900bn in life and annuity assets in western Europe and North America, according to McKinsey & Company....
...Bulk annuity sales, as these deals are known, should pick up from around £28bn in 2022 to £80bn by 2027 say pension consultants LCP — good news, you’d think, for insurance companies that specialise in annuities...
...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....
...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....
...and workplace insurance products such as pensions....
...“People hear pay cheque for life, they think ‘great’. Then they hear the word annuity,” Ackerly said....
...You can buy travel insurance from insurance companies, banks, travel agents, supermarkets, holiday companies and online comparison websites....
...This is what happened to Executive Life, then the largest insurer in California, in the early 1990s: policyholders withdrew $4bn after the company announced losses from junk bond investments, and the company...
...London-based PIC has more than 300,000 policyholders amassed through so-called bulk annuity deals, where it takes over pension fund liabilities and the assets backing them from their sponsoring companies...
...In 2019 Standard Life was fined £30mn for mis-selling annuities to customers over the phone between 2008 and 2016....
...The reinsurer was at the heart of 777’s “insurance funding model”, according to 2021 pitch documents that said 777 Re sat between third party insurers and 777 portfolio companies....
...capital, it’s possible to buy a purchased life annuity (PLA) using a cash lump sum....
...Canada Life reported annuity sales doubling to £441mn in the first half of the year, compared with the same period in 2022....
...Its existing UK operation is the sixth largest in car and home insurance, according to the company....
..., which is a significant provider of home, motor and life insurance, and has more than 18mn customers worldwide....
...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....
...Insurance and savings group M&G has re-entered the bulk annuity market, taking advantage of booming conditions as companies look to offload their pension schemes to insurers....
...This means that offloading liabilities, and the assets backing them, to insurance companies is becoming a viable option for more businesses....
...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....
...The Belgian company reinforced the idea that this is a cut-price, opportunistic bid, with a second cash-and-shares proposal of about 239p per share....
...and bulk annuity sales....
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