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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....
...Private capital investors have acquired more than $900bn in life and annuity assets in western Europe and North America, according to McKinsey & Company....
...Its life insurance peers are closer to parity. One investor concern is the capital-hungry nature of bulk annuity business....
...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 —...
...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....
...’s life....
...The private capital groups have built up substantial investments or tie-ups in the life insurance sector....
...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....
...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”....
...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....
...The company turns out to be one of the most interesting adventure operators I’ve encountered, but remains obscure beyond its native land....
...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.”...
...Companies looking to do these so-called bulk annuity deals need to make the assets as attractive as possible to potential buyers....
...insurance company....
...2015 it has been possible, providing your pension scheme is “fully flexible”, to receive pension benefits by way of lump sums; pension income (meaning a pre-determined, regular income often payable for life...
...So it’s perhaps no surprise that insurance companies are reporting much bigger sales of annuities....
...Patricof, who is 89, was there to raise funds for Primetime Partners, an early-stage venture capital fund that invests in companies working to improve the quality of life for older people....
...It was also boosted by a particularly strong performance by its life division....
...Analysts said the company had put up less capital against these deals than expected....
...Meanwhile, the West End of London is seeing higher demand from companies, with vacancy at just 6 per cent....
...Life insurance is supposedly a stable and predictable business. But Just Group has been buffeted by a blizzard of policy and regulatory changes since it floated in 2013....
...The third thing is that annuity sales have gone up for life insurance companies. Remember that when rates go up, annuities pay a higher return....
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