Flow reinsurance involves the ongoing, immediate transfer of risks from a life insurer to a reinsurer as soon as annuities are issued. Life/annuity companies have used flow reinsurance for at least 15 years, but it’s growing fast. (Photo: Gullfoss in Iceland.)

A California pistachio grower defaulted on $1 billion in loans from Prudential, Brighthouse Life, and U.S. Bank this year. Their legal efforts to seize the collateral offer a glimpse into the potential risks of such concentrated loans.

Athene Annuity & Life sold the most fixed deferred annuities in the first three-quarters of 2024. Its parent, Athene Holdings, has attracted billions in just-in-time third-party capital through Bermuda 'reinsurance sidecars.' Coincidence? Not likely.