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...It is the latest coup for Lloyd’s, which has also attracted insurance group Aviva back to the market....
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...It is continuing to provide cover to ships transiting the Red Sea, for which insurance rates have jumped as the Houthi rebel group has attacked commercial ships....
...The company expected net cash flow to turn “consistently positive” in the first half of next year....
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
...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 —...
...The price rises have sparked concern among insurance buyers and consumer groups....
...Its life insurance peers are closer to parity. One investor concern is the capital-hungry nature of bulk annuity business....
...Its existing UK operation is the sixth largest in car and home insurance, according to the company....
...Total returns for the group’s shares have underperformed the Stoxx 600 insurance sector by a third over the past three years....
...You can buy travel insurance from insurance companies, banks, travel agents, supermarkets, holiday companies and online comparison websites....
...Aviva chief executive Amanda Blanc said the deal “opens up new opportunities to accelerate growth” in the group’s general insurance business....
...Financial Times readers will recognise Apax as one of the UK’s biggest buyout groups, which has taken companies such as Tommy Hilfiger private....
...The chief executive of FTSE 100 group Admiral, one of the biggest UK car insurers, said its motor insurance prices had peaked, signalling the end of a surge in premiums across the industry that sent the...
...to life....
...Rossi, who became chief executive in late 2022, highlighted the group’s investment performance across its funds and the contribution from the life insurance business as the reasons behind the company’s recent...
...Asked if the savings target — which equates to just over a 10th of the group’s cost base — would include job cuts, Winslow said the company was “not announcing anything on jobs today” and would talk to colleagues...
...for the company)....
...Private capital groups such as Apollo, KKR and Brookfield have swept into the life insurance sector since the financial crisis, buying insurers and reinsurers or striking asset-management partnerships....
...The FTSE 100 group reported record pre-tax profits of $1.25bn last year and announced a $325mn share buyback....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...Howden said the progress of his group and others such as US-listed rival Gallagher had led to a broadening of competition in the highest reaches of insurance broking, almost three years after US regulators...
...The group has hailed recent momentum in the US, where it says it has sold record numbers of individual life insurance policies this year while cumulative volume from bulk pension deals since 2015 has passed...
...for work and family life....
...The loans business is migrating away from the beleaguered banking sector. Long-dated insurance premiums are becoming the funding of choice....
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