Leading private equity-linked fixed indexed annuity (FIA) issuers ceded the risk (the liability) of 95% of their 2021 sales to the balance sheets of affiliated or co-owned reinsurers located mainly in Bermuda.

Many for-profit US life/annuity companies do not use independent reinsurers. They use an affiliated or captive reinsurer in a jurisdiction like Bermuda, the Cayman Islands, Vermont, or Arizona. This makes their operations less transparent.

Every year, Wink CEO Sheryl Moore and RIJ analyze a segment of the annuity industry using Wink's proprietary data. This year, we examine FIA sales since 2011: The era of private equity in the annuity business.