Articles
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1 week ago |
retirementincomejournal.com | Kerry Pechter
The Federal Insurance Office has issued warnings about the ties of private equity-led life insurers to 'shadow banking' and 'shadow insurance.' Why do state insurance commissioners want to shoot the messenger? If the NAIC succeeds in eradicating the FIO, there will be less oversight of Bermuda Triangle, as RIJ calls it.
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1 week ago |
retirementincomejournal.com | Kerry Pechter
Ownership of life/annuity companies has given PE companies a tool for tapping the virtually bottomless pool of tax-deferred U.S. retirement savings for their high-profit, lightly-regulated private credit businesses. “Shadow banking” is a phenomenon I’d heard of but never fully understood.
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1 week ago |
retirementincomejournal.com | Kerry Pechter
In a letter dated March 21, the National Association of Insurance Commissioners (NAIC) asked Congressional leaders to eliminate the Federal Insurance Office (FIO), a small agency that reports annually to the Treasury Secretary on the state of the U.S. insurance industry.
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2 months ago |
retirementincomejournal.com | Kerry Pechter
Two RIJ subscribers have written separate, open letters to the National Association of Insurance Commissioners (NAIC), calling for a faster, more energetic regulatory response to ongoing life/annuity industry practices—especially the use of offshore reinsurance for capital-reduction reasons—that they believe will harm the interests of insurance policyholders and annuity contract owners.
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Feb 2, 2025 |
retirementincomejournal.com | Kerry Pechter
Last week the Financial Times reported: “Brighthouse Financial is seeking to sell itself, with some of the most prominent private capital managers expected to make bids for the US provider of life insurance and annuities.”Though the report was not confirmed by Brighthouse management, the FT story moved the market. Stock investors seized on the rumor of an acquisition, driving up the price of Brighthouse shares by 20% to $62, its highest level since 2018.
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For more info, go to https://t.co/tlKHEDM2pr, and search for stories about "Bermuda Triangle."
These strategies are sometimes executed by unaffiliated insurers, reinsurers and asset managers. But sometimes they are affiliated, which reduces transparency and makes some people nervous about the quantity and quality of unseen assets backing their liabilities.
Chuck and I talked about my articles on the "Bermuda Triangle Strategy." That's what I call the three-way strategy by which life insurers, partnering with reinsurers and asset management firms, are reducing their capital requirements and increasing their investment returns.