KBRA releases new research examining the intersection of life/annuity insurers with asset managers. In early 2022, KBRA highlighted the challenges faced by insurers and the different solutions offered by private equity and alternative asset managers (PE/AAM), as well as the resulting growth in mergers and acquisitions (M&A) and reinsurance activity. Activity during that period also included acquired insurers and start-ups that were transformed into fast-growing annuity writers fueled by higher new business volumes. Since then, the types of transaction structures between investment firms and life/annuity insurers, participant profiles, and strategic rationales have broadened. KBRA believes these arrangements will continue to evolve, likely supporting long-term stability within the sector.

Key Takeaways

• As investment firms and life/annuity insurers continue to intersect, participant profiles and transaction rationales have evolved.
• Investment firm and insurer relationships are expected to remain integral to the industry’s future, driven by ongoing capital needs and the importance of robust investment management for life/annuity insurers.
• Despite potential long-term benefits across the sector overall, credit implications for individual insurers will depend on evolving capital needs, the insurance capabilities of the involved asset manager, and other strategic considerations.

Click here to view the report.

Recent Publications

• Private Credit: 2026 Outlook
• 2026 Global Life Reinsurance Sector Outlook: Cautious Optimism as Asset-Intensive Sector Enters Its Next Phase
• Private Credit: Q3 2025 Middle Market Borrower Surveillance Compendium: Defaults Will Rise
• Private Equity Investment in the Life-Annuity Market Is Here to Stay

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1013249

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