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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....
...In a lawsuit filed last week, Atlantic Coast Life Insurance and Sentinel Security Life Insurance, part of US insurance group A-Cap, asked a New Jersey court to stop AM Best from “issuing the rating it has...
...Kuvare manages insurance portfolios for annuity products that offer fixed payouts to the annuity holder each year....
...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....
...JAB has in recent years shifted its focus, investing roughly $5bn into petcare and pet insurance companies beginning in 2019....
...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....
...These low-profile groups allow life insurers — providers of annuities and other long-term financial products — to reinsure risks such as longevity....
...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....
...The Iowa-based company is among the largest sellers of retirement annuities, a status that made it the target of a hostile bid made jointly by Apollo Global Management and MassMutual not long after Bhalla...
...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....
...It is the second big transaction by a private capital-backed firm to take on long-term life insurance business that has failed in recent months....
...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...
...But Berkshire shareholders and industry executives say Jain’s record — and the critical role of the insurance business — arguably make him the most important person at the company after Buffett....
...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....
...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....
...But a less-followed risk is adding to unease at companies offering life and health insurance: scientists’ warnings, and research findings, that a warming climate is causing an increasing number of excess...
...Indeed, UniCredit will probably buy back and consolidate its insurance businesses, at present held within joint ventures with insurance companies....
...The life settlement market developed in response to seniors’ and retirees’ need for liquidity, and provides the opportunity for seniors and retirees to maximize the value of life insurance policies they...
...capital, it’s possible to buy a purchased life annuity (PLA) using a cash lump sum....
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