Author Archive for: aawatch
Entries by aawatch
Chief Investment Officer: Union Warns Pension Funds to Be Wary of Private Equity-Backed PRT Insurers
A U.S.-Canadian labor union warned hundreds of defined benefit pension plans of potential risks involved with conducting pension risk transfer deals with private equity-backed insurers.
“Senators Grill Regulators on Private Equity’s Control of Life Insurers” – Life Annuity Specialist
Life Annuity Specialist reported on the September 8th hearing of the Senate Banking Committee: “Senate Banking Committee members grilled regulators Thursday on whether they are ‘stepping up’ to address perceived risks that private equity involvement in the life insurance industry poses to retirees and workers… “[Senator Warren] said private equity-backed insurers can ‘jack up their […]
Senators Brown and Warren Raise Concerns about Apollo and Athene’s Pension Buyouts at Banking Committee Hearing
Concerns about pension benefits being transferred to private equity owned insurers were front and center at today’s Senate Banking Committee hearing. Senator Brown opened the hearing by remarking on Lockheed Martin’s transfer of $4.3 billion of pension obligations to Athene, owned by Apollo Global Management. Senator Brown said, “Overnight, Lockheed Martin employees and retirees were […]
Senator Brown to Address Increased Risk-Taking and Offshore Reinsurance in Life Insurance Industry in Senate Banking Committee Hearing
Today, the US Senate Committee on Banking, Housing, and Urban Affairs announced a hearing on the insurance industry will be held on September 8th. Committee Chairman Senator Sherrod Brown is expected to address the issues related to private equity and retirement security in the hearing, among other issues. On August 5th, Brown wrote in a […]
Senate Banking Chair Brown Asks State and Federal Regulators to Study How Private Equity Companies Are Managing Workers’ Retirement Assets
On March 16, 2022, Senate Banking Committee Chairman Sherrod Brown wrote to the National Association of Insurance Commissioners (NAIC) and the Federal Insurance Office (FIO) of the U.S. Treasury Department highlighting concerns about private equity’s growing role in the insurance industry and asking the two regulatory bodies to further study the issue and report to Congress no later […]
National Association of Insurance Commissioners task force plans investigation of private equity-owned insurers, including issues related to pension transactions
On December 7, 2021, the Financial Stability Task Force of the National Association of Insurance Commissioners (NAIC) discussed private equity ownership of life insurers. The task force will assign a subsidiary working group to examine issues related to private equity ownership of insurers (though not necessarily exclusive to private equity-owned insurers). It published a draft […]