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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....
...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....
...Imogen West-Knights is co-author of the game ‘How We Know We’re Alive’ and the novel ‘Deep Down’ Join our online book group on Facebook at FT Books Café and subscribe to our podcast Life & Art wherever...
...Private capital managers use Bermudian operations to reinsure life insurance and annuity business from companies that they already own as well as from rivals....
...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...
...Private capital investors have acquired more than $900bn in life and annuity assets in western Europe and North America, according to McKinsey & Company....
...But debt markets present a bigger opportunity than equity markets and insurance has proved to be a reliable source of fee-paying permanent capital....
...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....
...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....
....— Euclid Elk Mountain crests above a frozen moonscape, like a giant stone whale breaking through the snowy scrub plains of Carbon County, in southern Wyoming, in the great American West....
...“People hear pay cheque for life, they think ‘great’. Then they hear the word annuity,” Ackerly said....
...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....
...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....
...capital, it’s possible to buy a purchased life annuity (PLA) using a cash lump sum....
...The pub doesn’t seem to mind — in fact, Sini Keinänen, whose mother founded the pub, said that any association with the “national treasure” glassware company is “a great honour”, while Iittala told me that...
...Canada Life reported annuity sales doubling to £441mn in the first half of the year, compared with the same period in 2022....
...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....
...We pull out, passing a vast ship being loaded with cattle, and I notice “Tugg” and “Life” tattooed on Ryan’s feet....
...However, “[for] covering a T-shirt, that’s great”, Mulvihill said of the seaweed substitute, adding that he was familiar with Sway but had not invested in the company....
...“But Dai-ichi Life is clearly on the conservative side and people will look at it and say that’s Japan Inc. It’s great news for M&A in Japan.”...
...This means that offloading liabilities, and the assets backing them, to insurance companies is becoming a viable option for more businesses....
...insurance company....
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