Number of PE-owned US insurers remains constant; total investments increase by 13.5%

Written by Adam Cadle

08/08/2024

The number of private equity (PE)-owned US insurers identified by the NAIC remained at 137 as of July 2024, compared to a year earlier, but total investments increased by 13.5% to $605.7bn.

Bonds and mortgages continue to be the two largest asset types for PE-owned US insurers, at 63% and 17% of total cash and invested assets, respectively, at year-end 2023.

Corporate bonds are also still the largest bond type accounting for about half of all total bonds held by PE-owned insurers; however, exposure has been on a declining trend over the last few years.

Consistent with prior years, over 90% of all bond investments held by PE-owned insurers carried NAIC 1 and NAIC 2 designations, implying high credit quality.

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