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...The pair had partnered in a multibillion-dollar unsolicited takeover attempt of annuity specialist American Equity Investment Life, which the latter fended off....
...Additional reporting by James Fontanella-Khan and Harriet Clarfelt in New York...
...Brindle’s partnership underwrites risks for New York-listed Fidelis Insurance, which floated last year and has a $2bn market value....
...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...
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
...“People hear pay cheque for life, they think ‘great’. Then they hear the word annuity,” Ackerly said....
...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 —...
...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...
...Additional reporting by Josh Noble and James Fontanella-Khan in New York...
...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....
...Yet this isn’t a secret history of any particular band, despite the 1976-77 time period and west coast locations, and, more importantly, it doesn’t feel like one....
...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...
...The New York-based group more than doubled the amount of investments it made to $25bn from $11bn a year ago....
...AXA Millésimes, the insurance company’s wine division, is far lower-key than Bernard Arnault’s vast LVMH empire, but has its own investment in Outpost on Howell Mountain, east of the valley....
...“This won’t be the last of these stories,” said Adelaide Polsinelli, a longtime New York City broker and vice-chair at Compass....
...The American Cleaning Institute, a US lobbying group that represents BASF, Clorox and other companies, blasted the New York legislation....
...The PE insurance company subsidiaries sell annuities, that is, contracts by which individuals exchange a lump sum for a certain level of income over a certain period of time, sometimes the rest of the individual...
...“Standard Life’s re-entry provides a welcome boost to the annuity market and gives further choice to those in need of a guaranteed income in retirement,” said Helen Morrissey, head of retirement analysis...
...plains of Carbon County, in southern Wyoming, in the great American West....
...great”....
...Iger has also drawn endorsements from heirs of company founders Roy and Walt Disney in recent weeks....
...When I was commuting in New York, I barely saw him.”...
...This deluge of feeling took place in real life, too....
...“That’s one of the great debates that you can read about in the paper every day.”...
...Stonepeak, a New York-based group now managing more than $60bn in assets, was founded by Michael Dorrell and Trent Vichie....
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