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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....
...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....
...Its life insurance peers are closer to parity. One investor concern is the capital-hungry nature of bulk annuity business....
...Private capital investors have acquired more than $900bn in life and annuity assets in western Europe and North America, according to McKinsey & Company....
...Apart from the investment manager, Kuvare also sells annuities. Blue Owl will make a separate $250mn injection into that annuities vehicle. It is worth the extra effort....
...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....
...The company’s shares were down more than 2 per cent in morning trading in London....
...’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....
...capital, it’s possible to buy a purchased life annuity (PLA) using a cash lump sum....
...You can buy travel insurance from insurance companies, banks, travel agents, supermarkets, holiday companies and online comparison websites....
...“People hear pay cheque for life, they think ‘great’. Then they hear the word annuity,” Ackerly said....
...Canada Life reported annuity sales doubling to £441mn in the first half of the year, compared with the same period in 2022....
...It’s worth noting also that while Hipgnosis imploded and sector peers like Concord have responded to higher-for-longer interest rates by bulking up, the music-as-annuity business model has kept working for...
...Its existing UK operation is the sixth largest in car and home insurance, according to 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...
...Legal & General’s latest standard annuity rate is 6.45 per cent, 30 per cent higher than it was in April 2022. But annuity sales fell by a shock 14 per cent....
..., which is a significant provider of home, motor and life insurance, and has more than 18mn customers worldwide....
...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....
...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....
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