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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....
...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....
...The loans business is migrating away from the beleaguered banking sector. Long-dated insurance premiums are becoming the funding of choice....
...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....
...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...
...The market is dominated by insurers such as Aviva, Canada Life and Legal & General....
...The Office for National Statistics’ National Life tables show that for those aged 65 between 2020 and 2022, men could expect to live another 18.3 years, and women another 20.8 years....
...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....
...After years in the retirement planning wilderness, annuities — guaranteed incomes for life — are back in the limelight, due to rising interest rates....
...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....
..., 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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