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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....
...Private capital managers use Bermudian operations to reinsure life insurance and annuity business from companies that they already own as well as from rivals....
...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....
...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 —...
...Private capital investors have acquired more than $900bn in life and annuity assets in western Europe and North America, according to McKinsey & Company....
...Pete Cowell, head of annuity products at Standard Life, says 65 is the average age of purchase. “There’s not a huge trend to later life annuitisation but it is creeping up.”...
...That explains why ING’s share price is up 30 per cent since early February, following some disappointing full-year results. ING, and banks such as Italy’s UniCredit, can afford to dole out capital....
...Its life insurance peers are closer to parity. One investor concern is the capital-hungry nature of bulk annuity business....
...That’s because both make floating-rate loans to (mostly) junk-rated companies that aren’t quite big enough to easily tap bond markets....
...In 2019 Standard Life was fined £30mn for mis-selling annuities to customers over the phone between 2008 and 2016....
...A pledge by five insurance brokers to stop sharing building insurance commissions with landlords, and to cap their own fees, applies to buildings over 11m in height, with known fire-safety issues...
...Indeed, UniCredit will probably buy back and consolidate its insurance businesses, at present held within joint ventures with insurance companies....
...’s life....
...The advantages of annuities are certainty, simplicity and security — the value of having a known income for life....
...capital, it’s possible to buy a purchased life annuity (PLA) using a cash lump sum....
...He argued that companies such as Shell and ING had an influence at “such a systemic level” that they had a legal responsibility for a contribution to climate change....
...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....
...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....
...Canada Life reported annuity sales doubling to £441mn in the first half of the year, compared with the same period in 2022....
...The private capital groups have built up substantial investments or tie-ups in the life insurance sector....
...The most astonishing thing for me was reading that life continues through the horror, with mutual concerns, respect, love and improvised solutions....
...Pilita Clark (Business Life, February 19) hints at uncomfortable truths behind employers’ attitudes to remote working....
...In The Weekend Essay (Life & Arts, February 3) Professor Josephine Quinn states that “civilisational thinking is simply wrong”. Might this be too sweeping?...
...While my colleagues at the Leverhulme Centre for Demographic Science recently showed that early-life diseases play a significant role, others have linked male childlessness to lifestyle factors...
...Phillip HawleyLa Jolla, California, USA...
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